Deloitte: Australian economy may experience the longest downturn in over 30 years, with economic growth of only 1.1% in 2026

Golden Ten Data reported on July 7 that Deloitte Economics Institute stated that, although oil prices may be falling, rising interest rates, weak consumer and business confidence, stagnating housing investment, and a persistent cost of living crisis have all undermined Australia's growth outlook. Against this backdrop, Deloitte has revised down its forecast for Australia's real economic growth in 2026-2027 from 1.9% to 1.3%. It is expected that the annual economic growth rate will remain below 2.0% over the next two years, with full-year growth in 2026 reaching only 1.1%, marking the longest period of stagnation since the early 1990s recession.