The Australian economy grew slightly last quarter, with the annual growth rate the lowest in more than 30 years, excluding the pandemic.
Latest data from the Australian Bureau of Statistics (ABS), released today, showed Australian gross domestic product (GDP) rose 0.2 percent in the June quarter of 2024 and by 1.5 percent in the 2023-24 financial year.
ABS Head of National Accounts Katherine Keenan said the Australian economy grew for the 11th consecutive quarter, although growth slowed over the 2023-24 financial year.
“Excluding the COVID-19 pandemic period, annual financial year economic growth was the lowest since 1991-92 , the year that included the gradual recovery from the 1991 recession,” Ms Keenan said.
She said GDP per capita was down for the sixth consecutive quarter, falling 0.4 percent and household spending fell 0.2 percent, detracting 0.1 percentage points from GDP growth.
“Spending on many discretionary categories fell in the June quarter. This followed a relatively strong result in the March quarter, which included a number of sporting, gambling and music events.
“The strongest detractor from growth was transport services, particularly reduced air travel. This was the first fall for this series since the September 2021 quarter,” Ms Keenan said.
She said furnishings and household equipment rose (+4 percent) as households took advantage of end-of-year sales.
“This was partly offset by food (-1 percent) with households spending less on groceries.”
Ms Keenan said Government spending rose by 1.4 percent.
“National non-defence spending drove the growth this quarter and grew for the seventh consecutive quarter. The rise in June was due to continued strength in social benefits programs for health services. State and local expenditure also contributed to growth with a rise in employee expenses,” Ms Keenan said.
