Quarterly estimates of key economic flows in Australia, including gross domestic product (GDP), consumption, investment, income and saving
Unless otherwise stated all figures are in seasonally adjusted, chain volume measures.
The reference year for chain volume measures is 2021-22.
| Mar 23 to Jun 23 | Jun 23 to Sep 23 | Sep 23 to Dec 23 | Dec 23 to Mar 24 | Mar 24 to Jun 24 | Through the year, Jun 23 to Jun 24 | ||
|---|---|---|---|---|---|---|---|
| Chain volume GDP and related measures (b) | |||||||
| GDP | 0.5 | 0.3 | 0.2 | 0.2 | 0.2 | 1.0 | |
| GDP per capita (c) | -0.1 | -0.4 | -0.3 | -0.4 | -0.4 | -1.5 | |
| Gross value added market sector (d) | 0.6 | -0.1 | 0.3 | -0.1 | 0.3 | 0.3 | |
| Real net national disposable income | -0.9 | -0.4 | 1.3 | -0.2 | -0.9 | -0.3 | |
| Productivity | |||||||
| GDP per hour worked | -1.3 | 1.1 | 0.4 | -0.1 | -0.8 | 0.5 | |
| Real unit labour costs | 2.4 | 1.3 | -0.1 | -0.5 | 1.3 | 2.0 | |
| Prices | |||||||
| GDP chain price index (original) | -1.8 | 1.0 | 2.4 | 1.0 | -0.9 | 3.6 | |
| Terms of trade | -6.4 | -2.9 | 2.9 | -0.7 | -3.0 | -3.8 | |
| Current price measures | |||||||
| GDP | -0.4 | 1.3 | 1.6 | 1.2 | 0.2 | 4.4 | |
| Household saving ratio | 1.7 | 0.1 | 1.4 | 0.6 | 0.6 | na | |
- nil or rounded to zero
na not available
a. Change on preceding quarter; last column shows the change between the current quarter and the corresponding quarter of the previous year.
b. Reference year for chain volume measures and real income measures is 2021-22.
c. Population estimates are as published in National, state and territory population and ABS projections.
d. ANZSIC divisions A to N, R and S. See Glossary - Market sector.
Gross Domestic Product (GDP) rose 0.2%, the eleventh consecutive quarter of growth. The Australian economy grew 1.5% in 2023-24, the weakest annual growth (excluding the COVID-19 pandemic) since 1991-92, a year that included the gradual recovery from the 1991 recession.
The weak growth reflects subdued household demand, which detracted 0.1 percentage points from GDP growth while government consumption contributed 0.3 percentage points, the same contribution to growth as previous quarter.
Nominal GDP rose 0.2%. The GDP implicit price deflator (IPD) was flat in the June quarter, as the increase in domestic prices were offset by falls in export prices relative to import prices.
The Domestic final demand IPD rose 0.9% in the June quarter and 4.6% in the 2023-24 year. High construction prices and skilled labour shortages continue to drive growth in the series, but the prices have softened from the peak in 2022-23 (+6.6%).
The terms of trade fell 3.0% due to falls in export prices relative to import prices. Mining commodity prices fell for a second consecutive quarter, influenced by reduced global demand for iron ore and coal. Import prices were unchanged from the previous quarter as price rises for transport freight were offset by lower oil prices.
Domestic final demand contributed 0.2 percentage points to GDP growth.
Household consumption was weak and detracted 0.1 percentage points from GDP, due to reduced discretionary spending.
Government expenditure contributed 0.3 percentage points, driven by continued strength in social benefits to households.
Investment had no contribution to growth, as net transfers of second-hand assets resulted in a detraction from total private investment (-0.1 percentage points) and was offset in public investment (+0.1 percentage points).
Net trade contributed 0.2 percentage points to GDP, with a rise in exports (0.5%) and a fall in imports (-0.2%).
Changes in inventories detracted 0.3 percentage points from GDP, with a smaller build-up in inventories compared to the March quarter. Manufacturing and Wholesale trade inventories experienced a run down from increased sales of fertilisers inventories imported in March.
Household consumption (-0.2%) fell to the weakest growth rate since the Delta-variant lockdown affected September quarter 2021.
Discretionary spending fell 1.1%, following a rise in March. The fall was driven by services and partly offset by goods. Transport services (-4.4%) and hotels cafes and restaurants (-1.5%) were the largest detractors, reversing their strength in March, though remain at elevated levels. Furnishings and household equipment (+4.0%) drove the rise in discretionary goods and was the largest positive contributor to total household consumption. Spending on household electrical purchases coincided with end of financial year sales, which also saw increased imports of household electrical items (+16.0%).
Essential spending increased 0.5% in the quarter. Rent and other dwelling services led the rise in line with continued population growth. Electricity, gas and other fuel (+2.4%) rose due to a reduction in electricity rebates provided during the quarter, alongside increased demand for heating due to a cooler June period. Spending on food (-1.0%) fell as households substituted to affordable options to reduce grocery expenses.
Growth in government consumption increased 1.4%. Commonwealth social assistance benefits to households led the rise, with continued strength in expenditure on national programs providing health services. State and local government expenditure also rose with increased employee expenses across most states and territories.
Excluding the impacts of second-hand asset transfers, public investment (-1.4%) fell for the third consecutive quarter but remains at elevated levels. State and local government continued to lead the fall, as work done on existing transport and health projects moved towards completion.
Private investment increased 0.4% (excluding the impacts of second-hand asset transfers). Non-dwelling construction contributed to the rise due to work done on various mining projects and the commencement of datacenters around the country. Machinery and equipment partly offset the rise as adverse business conditions delayed investment on non-essential capital purchases.
Dwelling investment increased 0.1%, driven by new houses (+2.5%) as an increased number of homes reached completion following recent bottlenecks due to labour shortages, particularly in the finishing trades. Ownership transfer costs (+3.9%) continued to rise due to continued turnover in the property market.
Net trade contributed 0.2 percentage points to GDP growth as exports (+0.5%) grew and imports (-0.2%) fell modestly.
This rise in exports was driven by services from increased education related travel services. Expenditure by international students was above the June quarter average, following subdued spending in March and December. Exports of goods partly offset the rise with reduced international demand for non-monetary gold and lower exports of rural goods driven by weak cereal grain harvests.
The fall in imports was led by goods. Imports of machinery and industrial equipment, and processed industrial supplies drove the falls after large volumes were imported in March. Imports of services partly offset the falls, driven by travel and other services. The rise in travel services reflected increased travel spend, as Australian residents spent more time overseas in nearby destinations including Indonesia, Japan and Thailand.
Gross value added (GVA) rose 0.3% this quarter, with rises in 13 out of 19 industries.
Service industries drove the rise in the June quarter with Information Media and Telecommunications (+1.6%), Professional, Scientific and Technical Services (+0.4%), and Transport, Postal and Warehousing (+0.6%) experiencing growth.
Non-market industries experienced their seventh consecutive quarter of growth in line with demand for essential services. Health Care and Social Assistance (+0.4%) rose with increased GP attendance and demand for pathology services from an earlier start and virulent flu season. Public Administration and Safety (+0.6%) and Education and Training (+0.6%) also rose in the quarter.
Mining (-0.3%) was the main detractor from growth in the June quarter, with adverse weather affecting coal and LNG production, offset by increased iron ore production. Arts and Recreation Services (-0.8%) and Accommodation and Food Services (-0.3%) fell from strength after large scale music and sporting events saw increased activity in these industries in the previous quarter.
Gross operating surplus (GOS) fell 0.6%. Private non-financial corporations (-2.8%) led the fall as Mining GOS (-7.8%) declined for the second consecutive quarter. Mining commodity prices fell across iron ore and coal due to decreased global demand. Non-mining industries partly offset the falls with increased activity and reduced operating expenses for industries including Professional, Scientific and Technical Services and Manufacturing.
Financial corporations GOS (+1.0%) rose due to increased margins and growth in loan and deposit balances. Mortgages transitioning from low fixed interest rates onto higher variable rates continued in the June quarter, although to a lesser extent than previous quarters. Growth in balances was driven by dwelling loans inline with increased loan commitments from previous quarters, while deposit balances saw softer growth amid higher cost of living.
Dwellings owned by persons GOS increased 2.7% supported by strong ongoing demand for housing.
Compensation of employees (COE) increased 0.9%, and 7.5% for 2023-24 the financial year, following the peak 10.1% growth in 2022-23. While the labour market remained tight, there are indications that competition for labour began to ease, seen through gradual slowing in Wage price index growth from the September quarter 2023 peak. Growth in hours worked (+1.1%) is the strongest since the previous June, as full-time employment increased 0.8% after three quarters of weak growth relative to part-time employment.
Private COE (+0.7%) led the rise due to rises in wages, bonuses and headcounts in industries such as Professional, Scientific and Technical Services and Construction. Public COE rose +1.4%, following a strong 2.1% rise in March, reflecting the full implementation of the new APS wide enterprises bargaining agreement which began in the month of March.
The household saving to income ratio remained at 0.6%, as growth in gross disposable income outpaced growth in nominal household consumption.
Gross disposable income rose 0.9% as gross income (+$7.8b) outpaced income payable (+$4.0b). Compensation of employees (+1.0%) was the main contributor to growth in income receivable, while income tax (+3.1%) drove the rise in income payable.
Nominal household final consumption expenditure (+0.7%) detracted from household saving as prices for essential and discretionary services continued to rise.
| Mar 24 to Jun 24 | Jun 23 to Jun 24 | Mar 24 to Jun 24 | |||
|---|---|---|---|---|---|
| % change | % change | % points contribution to GDP growth | |||
| Final consumption expenditure | |||||
| General government | 1.4 | 4.7 | 0.3 | ||
| Households | -0.2 | 0.5 | -0.1 | ||
| Total final consumption expenditure | 0.3 | 1.8 | 0.2 | ||
| Gross fixed capital formation | |||||
| Private | |||||
| Dwellings | 0.1 | -3.0 | - | ||
| Ownership transfer costs | 3.9 | 8.6 | 0.1 | ||
| Non-dwelling construction | -2.2 | 1.0 | -0.1 | ||
| Machinery and equipment | -2.4 | -1.2 | -0.1 | ||
| Cultivated biological resources | -3.0 | -12.2 | - | ||
| Intellectual property products | 1.6 | 9.0 | - | ||
| Public | 1.5 | -0.5 | 0.1 | ||
| Total gross fixed capital formation | -0.1 | 0.6 | - | ||
| Changes in inventories | na | na | -0.3 | ||
| Gross national expenditure | -0.1 | 2.2 | -0.1 | ||
| Exports of goods and services | 0.5 | 0.1 | 0.1 | ||
| Imports of goods and services | -0.2 | 5.2 | - | ||
| Statistical discrepancy (E) | na | na | 0.1 | ||
| Gross domestic product | 0.2 | 1.0 | 0.2 | ||
- nil or rounded to zero (including null cells)
na not available
Income estimates are in seasonally adjusted current prices
| Mar 24 to Jun 24 | Jun 23 to Jun 24 | Mar 24 to Jun 24 | ||
|---|---|---|---|---|
| % change | % change | % points contribution to GDP growth | ||
| Compensation of employees | 0.9 | 6.3 | 0.4 | |
| Gross operating surplus | ||||
| Private non-financial corporations | -2.8 | -3.8 | -0.6 | |
| Other (a) | 2.5 | 11.1 | 0.4 | |
| Gross mixed income | 1.2 | 0.4 | 0.1 | |
| Taxes less subsidies on production and imports | -0.9 | 6.1 | -0.1 | |
| Statistical discrepancy (I) | na | na | - | |
| Gross domestic product | 0.2 | 4.4 | 0.2 | |
- nil or rounded to zero (including null cells)
na not available
a. Includes Public non-financial corporations, Financial corporations, General government and Dwellings owned by persons.
| Mar 24 to Jun 24 | Jun 23 to Jun 24 | Mar 24 to Jun 24 | |
|---|---|---|---|
| % change | % change | % points contribution to GDP growth | |
| Agriculture, Forestry and Fishing | -0.2 | -3.7 | - |
| Mining | -0.3 | -0.5 | - |
| Manufacturing | 0.7 | 0.2 | - |
| Electricity, Gas, Water and Waste Services | 1.3 | 2.1 | - |
| Construction | 0.5 | 0.1 | - |
| Wholesale Trade | - | -4.1 | - |
| Retail Trade | -0.3 | 0.1 | - |
| Accommodation and Food Services | -0.3 | -3.2 | - |
| Transport, Postal and Warehousing | 0.6 | 2.5 | - |
| Information Media and Telecommunications | 1.6 | 2.7 | - |
| Financial and Insurance Services | 0.2 | 1.3 | - |
| Rental, Hiring and Real Estate Services | 0.4 | 1.9 | - |
| Professional, Scientific and Technical Services | 0.4 | 2.8 | - |
| Administrative and Support Services | 0.8 | -0.4 | - |
| Public Administration and Safety | 0.6 | 3.6 | - |
| Education and Training | 0.6 | 1.9 | - |
| Health Care and Social Assistance | 0.4 | 3.1 | - |
| Arts and Recreation Services | -0.8 | 3.7 | - |
| Other Services | 0.6 | - | - |
| Ownership of dwellings | 0.4 | 1.6 | - |
| Taxes less subsidies on products | 0.6 | 2.2 | - |
| Statistical discrepancy (P) | na | na | -0.1 |
| Gross domestic product | 0.2 | 1.0 | 0.2 |
- nil or rounded to zero (including null cells)
na not available
| Mar 24 to Jun 24 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| NSW | Vic. | Qld | SA | WA | Tas. | NT | ACT | Aust.(b) | ||
| Final consumption expenditure | ||||||||||
| General government | 1.6 | 1.8 | 1.7 | 1.4 | -0.5 | 3.8 | 0.6 | 0.8 | 1.4 | |
| Households | -0.6 | -0.1 | 0.1 | -0.3 | 0.4 | -0.2 | 0.1 | -0.3 | -0.2 | |
| Gross fixed capital formation | ||||||||||
| Private | -0.9 | -0.2 | -1.4 | 2.7 | 2.6 | -0.5 | 21.6 | -4.1 | -0.6 | |
| Public | -3.8 | 5.4 | 2.8 | 5.8 | 2.4 | -3.3 | 12.6 | 5.3 | 1.5 | |
| State final demand | -0.4 | 0.6 | 0.4 | 0.9 | 0.9 | 0.6 | 4.9 | 0.2 | 0.2 | |
- nil or rounded to zero (including null cells)
a. Change on preceding quarter
b. Australia estimates relate to Domestic final demand.
The map shows quarterly volume measures of state final demand by state/territory.
New South Wales' state final demand decreased 0.4% for the quarter.
Victoria's state final demand increased 0.6% for the quarter.
Queensland's state final demand increased 0.4% for the quarter.
South Australia's state final demand increased 0.9% for the quarter.
Western Australia's state final demand increased 0.9% for the quarter.
Tasmania's state final demand increased 0.6% for the quarter.
Northern Territory's state final demand increased 4.9% for the quarter.
Australian Capital Territory's state final demand increased 0.2% for the quarter.
There are revisions in this issue due to the incorporation of more up-to-date data and concurrent seasonal adjustment.
In the March quarter 2020 issue of Australian National Accounts: National Income, Expenditure and Product, the ABS advised that the method used to produce seasonally adjusted estimates would be changed from the ‘concurrent’ method to the ‘forward factors’ method for series with significant and prolonged impacts from COVID-19. Trend estimates for all series were also suspended from June 2019.
Over the June quarter 2024, annual seasonal re-analysis of national accounts series was conducted. This process reviewed the seasonal factors in more detail than is possible during a quarterly processing cycle, including assessing the appropriateness of prior corrections.
As a result of this review, all time series remaining on forward factors have been reverted to concurrent adjustment. Revisions to seasonally adjusted estimates have occurred as part of this process.
Trend estimates for all series in the National Accounts were suspended from June 2019 due to the impacts of COVID-19 on the economy. Over the intervening period, national accounts time series were significantly affected by changes to regular patterns in economic activity.
With the reinstatement of concurrent adjustment across all national accounts time series, the ABS plans to review national accounts trend series with a view to reinstating trend data in the future.
On 23 November 2023 the ABS announced that it would cease the Retail Business Survey and Retail Trade publication in 2025 once it has transitioned to new data sources. More information can be found in the Cessation of the Retail Business Survey and Retail Trade Publication article.
In the Australian National Accounts (ANA), a wave approach is being used to transition between Retail Business Survey data and administrative data sources. This approach gradually phases out the use of Retail Trade in Household Final Consumption Expenditure (HFCE) estimates as outlined in Figure 1. In each wave, bank transactions data and other administrative sources will be used in future outputs, but will not introduce revisions to the back series.
| Data item description | Average Retail Trade contribution (Prior to Dec 2023 reference period) | Replacement Wave | Intended implementation |
|---|---|---|---|
| Food | 30% | Wave 1 | Implemented: December quarter 2023 |
| Other Goods and Services | 41% | Wave 1 | Implemented: December quarter 2023 |
| Alcoholic beverages | 50% | Wave 2 | Implemented: March quarter 2024 |
| Clothing and footwear | 100% | Wave 2 | Implemented: March quarter 2024 |
| Furnishings and household equipment | 95% | Wave 3 | Implemented: June quarter 2024 |
| Hotels, cafes and restaurants | 39% | Wave 3 | Implemented: June quarter 2024 |
| Health | 32% | Wave 4 | December quarter 2024 |
| Recreation and culture | 55% | Wave 4 | December quarter 2024 |
| TOTAL FINAL CONSUMPTION EXPENDITURE | 24% |
The June quarter 2024 issue of Australian National Accounts: Finance and Wealth will be released on 26 September 2024. This publication includes the quarterly household balance sheets with an estimate of net worth. It also provides quarterly estimates of the financial flows and balance outstanding between sectors and various sub-sectors of the domestic economy and with the rest of the world. Other key estimates within the publication include the financial instrument markets, demand for credit by non-financial domestic institutional sectors during the quarter, and their corresponding levels of credit outstanding and quarterly sectoral capital accounts (current price).
The August 2024 issue of the Monthly Household Spending Indicator will be released on 4 October 2024. The experimental Monthly Household Spending Indicator is derived using aggregated, de-identified banks transactions data from some of Australia’s banking and financial institutions. The ABS transforms the banks transactions data in order to derive the Monthly Household Spending Indicator. As this data is not designed for statistical purposes, its scope varies from Australian National Accounts concept of household final consumption expenditure (HFCE) and the Retail Trade turnover estimates for retail businesses. The indicator should be considered experimental at this stage, as further enhancement to the transformation processes and methodology are expected in the future.
The 2023-24 issue of the Australian System of National Accounts will be released on 25 October 2024. This publication provides detailed, annual estimates of Australia's national accounts. These include expenditure, income and production estimates of gross domestic product (GDP), productivity estimates, sectoral accounts (for households, financial and non-financial corporations, general government and the rest of the world), and additional aggregates dissected by industry.
The 2022-23 issue of the Australian National Accounts: Supply Use Tables will be released on 25 October 2024. The Supply Use tables were introduced in the annual National Accounts in 1998 as an integral part of the annual compilation of the Australian System of National Accounts. They are used to ensure Gross Domestic Product is balanced for all three approaches (production, expenditure and income) and provide the annual benchmarks from which the quarterly estimates are compiled.
The 2023-24 issue of Australian National Accounts: State Accounts will be released on 20 November 2024. This publication provides detailed annual estimates of gross state product (GSP) for all states and territories. These are estimated using the expenditure, income and production approaches. Also published are estimates of household and agricultural incomes.
The 2022-23 issue of Estimates of Industry Level KLEMS Multifactor Productivity will be released on 10 December 2024. Since 2016, the ABS has published estimates of industry level KLEMS MFP for the 16 market sector industries. The term KLEMS represents the five input categories - Capital (K), Labour (L), Energy (E), Materials (M) and Services (S). By explicitly identifying the role of intermediate inputs in the production process, KLEMS facilitates a more rigorous analysis of the determinants of output growth at the industry level.
The 2023-24 issue of Estimates of Industry Multifactor Productivity will be released on 22 January 2025. It provides updated estimates of multifactor productivity (MFP) for the 16 industries defined to comprise the market sector. Longer time series are produced for 12 selected industries. Also included are productivity growth cycles for market sector industries and selected industries aggregates back to 1998-99 and 1973-74, respectively. The release includes experimental estimates of productivity growth cycles for individual industries, sources of aggregate labour productivity growth and its industry origin. Experimental estimates of state productivity back to 1994-95 are also provided.
This release previously used catalogue number 5206.0.