Two-speed economy exposes the great Australian divide

The gap has widened between younger and older Australians, small and large businesses, and resources-rich Western Australia and the east.

People feeling the pinch are resorting to eating basic meals at home and dining out less. Dominic Lorrimer

John Kehoe, Michael Read, Carrie LaFrenz, Tom Rabe, Ayesha de Kretser, Lucas Baird and Sam Buckingham-Jones

Aug 28, 2024 – 12.04pm

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A two-speed economy has exposed a gulf between younger cash-strapped consumers and older wealthier Australians, small and large businesses, and mining-rich Western Australia and eastern states.

Persistent inflation, elevated interest rates and housing pressures in the post-pandemic economy have widened the financial gap.

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John KehoeEconomics editorJohn Kehoe is economics editor at Parliament House, Canberra. He writes on economics, politics and business. John was Washington correspondent covering Donald Trump’s first election. He joined the Financial Review in 2008 from Treasury.

Michael ReadEconomics correspondentMichael Read is the Financial Review's economics correspondent, reporting from the federal press gallery at Parliament House. He was previously an economist at the Reserve Bank of Australia and at UBS.

Carrie LaFrenzSenior reporterCarrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club.

Tom RabeWA political correspondentTom Rabe is the WA political correspondent, based in Perth.

Ayesha de KretserSenior reporterAyesha de Kretser is a senior reporter with The Australian Financial Review covering the aviation and tourism sectors. She has previously reported on banking, mining and commodity markets.