Australian economic miracle is ending no matter who wins vote

Customers purchase produce from stalls at Carriageworks Farmers Market in Sydney, Australia, on Saturday, April 26, 2025. Rising energy prices, a chronic undersupply of housing, elevated grocery bills and high interest rates that have dominated the election campaign. - Bloomberg

CANBERRA: Whoever wins Saturday’s (May 3) Australian federal election will face an inescapable reality: The three pillars of the nation’s 30-year outperformance that gave rise to its "miracle economy” moniker are breaking down.

Rapid immigration, a surge in property wealth and China’s insatiable appetite for raw materials fueled a record stretch of developed world-beating growth. Now, the strains are setting in, leaving Labor Prime Minister Anthony Albanese and centre-right opposition leader Peter Dutton pitching contrasting visions to an electorate seeing its living standards go backwards.