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Australian national accounts, December quarter 2024

Slow recovery but productivity still a concern. Q4 GDP: 0.6%qtr, 1.3%yr. Q4 New Private Demand: 0.4%qtr, 0.8%yr.

Click here for the full report 'Australian national accounts, December quarter 2024' (PDF 949KB)

At 0.6%qtr, the Australian economy expanded at a two year high in the December quarter but overall, the pick-up was underwhelming. 

Departing from recent trends, both public and private demand helped to boost activity out of a per capita recession.

New private demand was supported by the first rise in consumer spending in two quarters. 

Business investment results were mixed, with notable weakness coming from dwelling investment. 

The combined effect of a step-up in wages, and a decline in productivity, provided a meaningful bump to unit labour costs in the quarter.

Click on above PDF link for full report

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