That's only occurred twice since the recession of 1991. In 2000, per capita GDP suffered back-to-back contractions as the introduction of the GST ran into a global slowdown caused in part by the dot.com bust. It happened again in 2006 when three cyclones swept across north-west WA and effectively shut down the oil and gas sector while curtailing surging iron ore exports. This time, however, the figures are pointing to more substantial issues. Loading Replay Replay video Play video Play video Since the middle of last year, or just before Malcolm Turnbull was rolled as PM, the economy has taken a hit from a range of sources.

Loading The biggest is the end of the housing construction boom and the sharp fall in house prices, which actually accelerated through the final three months of 2018 and has continued into the new year. Related is household spending, which is barely improving. Household saving lifted in the quarter in a possible sign consumers are spooked by what's happening to the value of their bricks and mortar. The bureau of statistics also provided an insight that should give all policy makers pause for concern. It noted that an increase in disposable income was due to both the lift in people holding down a job as well as "an increase in insurance claims received by households". Yep, the ability of households to make ends meet is being aided, in part, by insurance cheques for fires, flood and theft.