Economic growth in Australia in the second quarter of 2024.
AUD little changed following the data.
Weak growth for the Australian economy.
For the y/y its 1.5%. Major news wires are reporting 1%, but the data from the Australian Bureau of Statistics show 1.5%
The RBA forecast 0.9% so the result would seem to have minimal monetary policy implications.
- subdued household demand detracted 0.1% from GDP growth
- government consumption added 0.3%
- domestic final demand contributed 0.2%
- household consumption was weak, due to reduced discretionary spending
- investment made no contribution to growth, as net transfers of second-hand assets resulted in a detraction from total private investment (-0.1%) and was offset in public investment (+0.1%)
- net trade contributed 0.2% percentage points to GDP, with a rise in exports (0.5%) and a fall in imports (-0.2%)
- inventory change detracted 0.3% from GDP, with a smaller build-up in inventories compared to the March quarter.
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- household savings rate unchanged at 0.6% of household income
- GDP Chain Price Index -0.9% (prior +0.8%)
