Program: The 'weird' number running the country

Australia’s economic growth is back above two per cent, which means (on paper, at least) the nation is doing better.

Yet for many, life feels no richer. GDP is designed to track production, spending, and income, but it leaves out huge parts of economic life, counts some things in strange ways, and has evolved in unexpected directions over nearly a century.

From household solar power and illicit tobacco consumption to new technologies and services, the way the numbers are collected, adjusted, and revised can shape the picture of the economy - sometimes in ways that mislead as much as they inform. 

Does GDP still capture the truth about Australian life, or is the number we rely on to measure prosperity missing the most important things?

Guests: 

Terry Rawnsley - KPMG urban economist

Professor Janine Dixon - Director of the Centre of Policy Studies at Victoria University

Referred to: 

Australian National Accounts: National Income, Expenditure and Product  - Reference period, September 2025