Australia’s gross domestic product (GDP) ticked up by 0.3 percent in the September quarter, as public investment leapt by more than six percent.
The latest Australian Bureau of Statistics (ABS) data showed the economy grew by 0.8 percent since September 2023, but GDP per capita dropped 0.3 percent, falling for the seventh straight quarter.
ABS Head of National Accounts Katherine Keenan said the Australian economy grew for the 12th quarter in a row, but had continued to slow since September last year.
Ms Keenan said the increase this quarter was driven by public sector expenditure, with Government consumption and public investment both contributing to growth.
She said public investment rose 6.3 per cent in the September quarter.
“General government investment rose six percent driven by defence equipment imports and investment in hospitals and roads.”
Ms Keenan said state and local public corporations investment rose 8.8 percent due to investment in roads and renewable energy.
“The rise in public investment in the September quarter followed three consecutive quarterly falls.
“The level of investment this quarter was the largest on record, the previous record was in September 2023,” she said.
Ms Keenan said household spending was flat in the September quarter following a fall of 0.3 percent in June.
She said the largest detractor from growth was for electricity and gas spending due to the implementation of the energy bill relief rebates.
“These rebates are treated as a shift from household to government expenditure in the national accounts.
“The rebate-driven fall in household electricity spending was offset by growth in other categories. Clothing and footwear rose in response to unseasonably warm weather and essential spending grew moderately with continued growth in rent, health and education services,” Ms Keenan said.
