Australia’s cost-of-living squeeze drives ‘baby recession’

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The Straits Times 2h ago

Australia’s cost-of-living squeeze drives ‘baby recession’ - The Straits Times

Quick Summary:

SYDNEY – Australia’s prolonged inflation and elevated interest rates have spurred a "baby recession,” with births plummeting to the lowest level since 2006, analysis by consultancy KPMG showed.

This comes against the backdrop of a long-term decline in the nation’s total fertility rate, which slid from more than two children per woman in 2008 to 1.6 in 2023, he added.

In 2023, 289,100 babies were born in the country, 4.6 per cent fewer than the previous year and down from a 2021 post-lockdown spike of 315,200, KPMG Urban Economist Terry Rawnsley said in a report on July 24.