Australia’s per capita Gross Domestic Product (GDP) grew for the first time in almost two years last quarter.
Australian Bureau of Statistics (ABS) data shows overall GDP rose 0.6 percent in the December quarter of 2024 and 1.3 percent through the year.
ABS Head of National Accounts Katherine Keenan said modest growth was seen broadly across the economy.
Ms Keenan said both public and private spending contributed to the growth, supported by a rise in exports of goods and services.
She said GDP per capita grew 0.1 percent in the quarter following seven consecutive quarters of falls.
“Economic growth picked up from the December quarter 2023 through to the December quarter 2024.”
Ms Keenan said household spending was up 0.4 percent in the December quarter after a flat result in the September quarter.
She said spending on essentials such as rent and health continued to be one of the highest contributors to household spending growth.
“Electricity rebates continued this quarter, which kept household spending on electricity, gas and other fuels down.
“Household discretionary spending rose as people made the most of retail sales events and increased spending on hospitality as they enjoyed music and sporting events.”
Ms Keenan said growth in government spending moderated to 0.7 percent in the December quarter following larger rises in previous quarters.
She said more spending on essential services including health, education and policing by state and territory governments drove the growth this quarter.
“Commonwealth government expenditure rose, with increased expenses associated with defence exercises, the pharmaceutical benefits scheme, and aged care.”
