1. Annual economic growth picked up
Our economy grew 0.6 per cent in December quarter 2024, and 1.3 per cent compared to December 2023.
2. GDP per person grew 0.1 per cent this quarter
This follows seven quarters of falls in a row.
3. Household discretionary spending rose
Australians made the most of retail sales, and spent more on hospitality at music and sporting events.
4. Annual inflation fell to its lowest in nearly four years
The Consumer Price Index (CPI) rose 0.2 per cent in the December quarter, the same result as the September quarter, and was up 2.4 per cent compared to December quarter 2023. The last two quarterly CPI rises were the lowest since June 2020 quarter when the CPI fell during the COVID-19 outbreak and childcare was free.
5. Annual goods inflation fell to 0.8 per cent
This was driven by falls in electricity, automotive fuel and new dwellings. Annual services inflation remained high at 4.3 per cent with rises in rents and insurance.
6. We had the lowest quarterly wage growth since March 2022
The Wage Price Index (WPI) rose 0.7 per cent in December quarter 2024. Annual wage growth was 3.2 per cent in the December quarter, down from 3.6 per cent in the September quarter.
7. Fewer private sector jobs saw a wage rise
Only 14 per cent of private sector jobs saw a wage rise in the December quarter, which was less than usually seen in December quarters. The 3.7 per cent average hourly wage rise for private sector jobs this quarter was the lowest rise since March quarter 2022.
8. Our Labour market continued to grow
The unemployment rate was 4.0 per cent in December. The demand for labour remained high with more job vacancies, record high participation rates, and multiple job holders reaching 1 million people for the first time.
9. Our international trade export volumes for goods and services rose by 0.7 per cent
This was led by rises in Rural goods, Intellectual property services, Non-monetary gold and Travel services.
10. Chickpea exports to India led the growth in Rural goods exports
Demand for Australian chickpeas surged following India’s temporary suspension of their tariffs on chickpea imports.
11. The number of holidaymakers to Australia grew
Overseas travellers made use of the favourable exchange rate between the Australian dollar and the US dollar. Visitors from the US were up 88 per cent from the September quarter.
Media Notes
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