Australian National Accounts: National Income, Expenditure and Product

Latest release

Quarterly estimates of key economic flows in Australia, including gross domestic product (GDP), consumption, investment, income and saving

Reference period
March 2024
  • Next Release 4/09/2024
    Australian National Accounts: National Income, Expenditure and Product, June 2024
  • Next Release 4/12/2024
    Australian National Accounts: National Income, Expenditure and Product, September 2024
  • Next Release 5/03/2025
    Australian National Accounts: National Income, Expenditure and Product, December 2024
  • View all releases

Key statistics

  • The Australian economy rose 0.1% in seasonally adjusted chain volume measures
  • In nominal terms, GDP rose 1.4%
  • The terms of trade rose 0.2%
  • Household saving to income ratio fell to 0.9% from 1.6%

In this release

For a breakdown of key information from this and other recent economic releases, see 12 insights about the Australian economy during the March quarter

Economic overview

Unless otherwise stated all figures are in seasonally adjusted, chain volume measures.

The reference year for chain volume measures is 2021-22.

March quarter key figures, percentage changes (a)
 Dec 22 to Mar 23Mar 23 to Jun 23Jun 23 to Sep 23Sep 23 to Dec 23Dec 23 to Mar 24Through the year, Mar 23 to Mar 24
Chain volume GDP and related measures (b)    
 GDP per capita (c)--0.2-0.5-0.2-0.4-1.3
 Gross value added market sector (d)0.80.5-0.10.3-0.30.4
 Real net national disposable income1.8-1.1-0.71.4-0.2-0.5
 GDP per hour worked-0.4-
 Real unit labour costs-
 GDP chain price index (original)1.6-
 Terms of trade3.5-7.3-
Current price measures      
 Household saving ratio2.

- 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. 

Australian economy grew 0.1% in the March quarter 2024

Gross domestic product (GDP) rose 0.1%, resulting from subdued domestic demand as increased consumption expenditure was offset by a fall in total investment. The quarterly build-up of inventories partly offset the increase in imports.

Domestic prices remain elevated while terms of trade softened

Nominal GDP rose 1.4%. The GDP implicit price deflator (IPD) increased 1.3%, driven by increased domestic prices.

Domestic final demand IPD increased 1.0%. Services inflation remained elevated, reflective of elevated labour costs despite some easing of the tight labour market conditions. Prices for consumption and capital goods continued to soften with easing domestic demand.

The terms of trade rose 0.2% as export prices were offset by larger falls in import prices. Export prices fell 1.8% in line with falls in mining commodity prices influenced by reduced global demand. Import prices fell 2.0% due to oil price drops and appreciation of the Australian dollar. 

Consumption led growth

Domestic final demand contributed 0.2 percentage points to GDP growth, driven by consumption, partly offset by investment.

Consumption contributed 0.4 percentage points to growth, with rises in both government and household spending. The rise in government consumption (+1.0%) was broad across Commonwealth non-defence and State and local government. Household consumption rose 0.4% and continued to be driven by spending on essential goods and services.

Investment detracted 0.2 percentage points from GDP growth, with both private (-0.8%) and public investment (-0.9%) falling over the quarter.

Net trade detracted from growth

Imports of goods and services rose 5.1% following a 3.5% decline in the December quarter. Imports of goods led the rise due to increased global supply across a broad range of consumption goods including medicines, clothing and footwear. Imports of services continued to fall as Australians chose to travel to closer, affordable overseas destinations including Japan.

Exports of goods and services rose 0.7%, with a rise in goods exports partly offset by a fall in exports of services. Exports of goods was led by liquefied natural gas, as low price levels boosted demand from overseas. Exports of services fell 1.1% in line with below average arrival of international students in the March quarter.

Build-up in inventories offset by net trade

Changes in inventories contributed 0.7 percentage points to growth, recording a $2.2 billion build up in the March quarter. Non-mining inventories saw a build up from broad strength in imports of intermediate and consumption goods, while mining inventories increased as production outpaced export demand.

Government expenditure continued to rise

Government expenditure increased 1.0% and contributed 0.2 percentage points to GDP. Government expenditure was driven by increased spending by the Commonwealth on social assistance benefits to households, including health programs through Medicare and the Pharmaceutical Benefits Scheme, and energy bill relief payments by some state governments. Employee expenses rose with increased headcount across a number of Commonwealth agencies.

National defence spending further contributed to the rise from increased military exercises facilitated over the quarter.

Essential spending continues to drive household consumption

Household spending rose 0.4% as households continued to allocate their spending towards essential goods and services (+0.5%).

The rise in essential spending was driven by spending on Electricity, gas and other fuels, as higher than usual summer temperatures increased demand for cooling. Health spending also rose from increased consumption on medical services. Rent and other dwelling services continued to rise in line with population growth and the capital stock of housing.

Discretionary spending rose 0.3%, driven by services while goods fell. Transport services led the rise as new international airline routes to Asia saw increased air travel to overseas destinations. Record attendance at large scale sporting and music events saw increased spend on hotels, cafes and restaurants, and clothing and footwear. 

Investment falls across public and private sectors

Investment fell 0.9% in the March quarter, though remains at elevated levels following recent strength.

Private investment decreased 0.8%. Non-dwelling construction led the fall as work on mining projects fell after a high in the December quarter.

Dwelling construction (-0.5%) and ownership transfer costs (-2.2%) both declined reflecting continued slowdown in building approvals and subdued activity in the property market.

Machinery and equipment (+2.2%) partly offset the falls with increased investment on equipment for recently completed data centres and increased purchases of motor vehicles.

Public investment (-0.9%) fell driven by state and local government education projects nearing completion and work slowing on health projects.

Soft rise in total industry production

Gross value added (GVA) rose 0.1% this quarter, with rises in 11 out of 19 industries.

Non-market service industries rose in the March quarter. Health Care and Social Assistance (+1.4%) led the rises, with higher demand for services following increases in bulk billing incentive rates introduced in the December quarter 2023. Public Administration and Safety rose 0.9% due to increased public sector activity and defence exercises held during the quarter.

Arts and Recreation Services rose 2.7%, driven by record attendances at large music and sporting events across major cities.

Construction fell 2.6%, driven by lower activity across private and public sector projects. 

Wholesale Trade fell 2.0%, with broad-based weakness in sales across the industry.

Non-mining industries led the rise in profits

Gross operating surplus (GOS) rose by 2.3%. Private non-financial corporations (+2.2%) led the rise as some non-mining industries - including Manufacturing and Professional, Scientific and Technical Services - experienced increased activity and lower operating costs. Accommodation and Food Services experienced a boost from several large-scale sporting and music events being held during the quarter.

Mining GOS declined following a rise in the December quarter. The falls were driven by weak commodity prices, weather disruptions to production, and subdued global demand for Australian iron ore, coal, and lithium.

Dwelling GOS (+2.6%) increased as continued population growth and low vacancy rates continued to place upwards pressure on rental prices.

Financial corporations GOS (+1.3%) continued to moderate as margins and growth in loan and deposit balances softened. Mortgages transitioning from low fixed rates onto higher variable rates continued in the March quarter, but to a lesser extent than previous quarters.

Compensation of employees continued to rise

Compensation of employees (COE) rose 1.0%, the smallest rise in the series since September quarter 2021. The series remains at elevated levels, but there are signs that tightness in the labour market is easing as part-time employment continued to grow faster than full-time employment.

Private COE rose 0.9%, with 11 out of the 16 market industries saw a rise, as pay rises and bonuses were paid across some industries.

Public COE rose 1.6% from increased salaries following updates to enterprise bargaining agreements and increased headcount across several Commonwealth agencies. State and local government also saw strength from pay rises for health service workers including nurses and paramedics.

Household saving ratio falls

The household saving to income ratio decreased from 1.6% to 0.9% in the March quarter. Saving fell as the rise in nominal household consumption outpaced growth in gross disposable income.

Gross disposable income rose 1.1% as gross income (+0.9%) outpaced income payable (+0.5%). Compensation of employees (+0.9%), dwellings owned by person GOS (+2.6%), and interest received (+4.7%) drove growth in income receivable, while growth in income payable was due to a rise in interest payable on dwellings (+3.9%), partly offset by income tax paid by households (-1.5%).

Nominal household final consumption expenditure (+1.5%) detracted from household saving as prices for essential and discretionary services continued to rise.


 Dec 23 to Mar 24Mar 23 to Mar 24Dec 23 to Mar 24
 % change% change% points contribution to GDP growth
Final consumption expenditure   
 General government1.04.10.2
 Total final consumption expenditure0.62.10.4
Gross fixed capital formation   
  Ownership transfer costs-2.25.6-
  Non-dwelling construction-4.31.3-0.2
  Machinery and equipment2.24.70.1
  Cultivated biological resources-2.6-5.7-
  Intellectual property products2.17.70.1
 Total gross fixed capital formation-0.92.9-0.2
Changes in inventoriesnana0.7
Gross national expenditure1.02.11.0
Exports of goods and services0.73.20.2
Imports of goods and services5.17.4-1.1
Statistical discrepancy (E)nana0.1
Gross domestic product0.11.10.1

- nil or rounded to zero (including null cells) 
na not available 

Final consumption expenditure (FCE) 0.6%

Gross fixed capital formation (GFCF) -0.9%

Changes in inventories

Exports and imports of goods and services


Income estimates are in seasonally adjusted current prices

 Dec 23 to Mar 24Mar 23 to Mar 24Dec 23 to Mar 24
 % change% change% points contribution to GDP growth
Compensation of employees1.07.10.5
Gross operating surplus  
 Private non-financial corporations2.2-7.30.5
 Other (a)2.410.90.4
Gross mixed income0.6-3.3-
Taxes less subsidies on production and imports1.56.90.1
Statistical discrepancy (I)nana-0.1
Gross domestic product1.43.51.4

- 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. 


Compensation of employees (COE) 1.0%

Gross operating surplus (GOS) 2.3%

Taxes less subsidies on production and imports 1.5%


 Dec 23 to Mar 24Mar 23 to Mar 24Dec 23 to Mar 24
 % change% change% points contribution to GDP growth
Agriculture, Forestry and Fishing0.6-8.1-
Electricity, Gas, Water and Waste Services0.92.1-
Wholesale Trade-2.0-5.8-0.1
Retail Trade-0.2-0.2-
Accommodation and Food Services-1.5-3.0-
Transport, Postal and Warehousing0.63.7-
Information Media and Telecommunications-1.52.3-
Financial and Insurance Services0.31.2-
Rental, Hiring and Real Estate Services0.54.2-
Professional, Scientific and Technical Services-2.3-
Administrative and Support Services-0.50.4-
Public Administration and Safety0.93.5-
Education and Training0.51.8-
Health Care and Social Assistance1.43.80.1
Arts and Recreation Services2.75.2-
Other Services-2.02.3-
Ownership of dwellings0.41.6-
Taxes less subsidies on products1.41.40.1
Statistical discrepancy (P)nana-
Gross domestic product0.11.10.1

- nil or rounded to zero (including null cells) 
na not available 

Agriculture, Forestry and Fishing 0.6%

Mining 0.1%

Manufacturing 0.9%

Electricity, Gas, Water and Waste Services 0.9%

Construction -2.6%

Wholesale Trade -2.0%

Retail Trade -0.2%

Accommodation and Food Services -1.5%

Transport, Postal and Warehousing 0.6%

Information Media and Telecommunications -1.5%

Finance and Insurance Services 0.3%

Rental, Hiring and Real Estate Services 0.5%

Professional, Scientific and Technical Services 0.0%

Administrative and Support Services -0.5%

Public Administration and Safety 0.9%

Health Care and Social Assistance 1.4%

Arts and Recreation Services 2.7%

Other Services -2.0%

State and territory final demand

State and territory final demand, percentage changes (a)
         Dec 23 to Mar 24
Final consumption expenditure        
 General government0.
Gross fixed capital formation        
State final demand0.

- nil or rounded to zero (including null cells) 
a. Change on preceding quarter 
b. Australia estimates relate to Domestic final demand. 

Quarterly volume measures, seasonally adjusted

Loading map...

The map shows quarterly volume measures of state final demand by state/territory.
New South Wales' state final demand increased 0.5% for the quarter.
Victoria's state final demand remained flat at 0.0% for the quarter.
Queensland's state final demand increased 0.6% for the quarter.
South Australia's state final demand increased 0.2% for the quarter.
Western Australia's state final demand decreased -1.0% for the quarter.
Tasmania's state final demand remained increased at 0.1% for the quarter.
Northern Territory's state final demand decreased -1.8% for the quarter.
Australian Capital Territory's state final demand increased 1.1% for the quarter.

New South Wales 0.5%

Victoria 0.0%

Queensland 0.6%

South Australia 0.2%

Western Australia -1.0%

Tasmania 0.1%

Northern Territory -1.8%

Australian Capital Territory 1.1%

Key tables

Key national accounts aggregates

Analytical expenditure aggregates

Expenditure aggregates

Expenditure on GDP

Household final consumption expenditure

Industry gross value added

Income from GDP

State final demand

Impact of leap years on seasonal estimates

The extra leap year day in 2024 has been accounted for in seasonally adjusted statistics released by the Australian Bureau of Statistics (ABS) for the month of February 2024 and the March quarter 2024.  The impact of an additional leap year day is analysed as part of the seasonal adjustment process, which includes the impact of trading days. The impact of the extra leap year day will be evident in the original (non-seasonally adjusted) series. For further information please refer to this note: Accounting for the extra leap year day in ABS seasonally adjusted statistics

Revisions and changes

There are revisions in this issue due to the incorporation of more up-to-date data and concurrent seasonal adjustment. 

Suspension of trend estimates

Due to the impacts of COVID-19 on the economy, trend estimates for all series in the National Accounts have been suspended from June 2019 (inclusive). In the short term, this measurement will be significantly affected by changes to regular patterns in economic activity. If trend estimates were to be calculated without fully accounting for this unusual event, they would likely provide a misleading view of the underlying trend in the economy.

Extraordinary Annual Seasonal Review (EASR)

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.

Given the large changes in the Australian economy during the COVID-19 period and the continuing use of a forward factors approach to seasonal adjustment, the ABS has undertaken an extensive annual review of seasonally adjusted series. This review changed a range of time series treatments to ensure that the seasonal adjustment process continues to be less influenced by the large irregular movements over the past year. Revisions to most seasonally adjusted series are relatively minor, but larger than would be observed on a quarterly basis through the use of concurrent seasonal adjustment. 

For some series, the review has allowed a return to concurrent seasonal adjustment, where economic conditions are assessed to have returned to pre COVID-19 patterns. For the remaining series where this is not the case, forward factors have been calculated for the next 12 months through this annual process.

Revisions to travel services imports

This issue contains revisions to travel service imports back to September 2022 due to implementation of updated source data from the National Visitor Survey (NVS). The key series impacted are imports of goods and services, and household final consumption expenditure (HFCE).The utilisation of NVS data has resulted in upwards revisions to imports of goods and services back to September quarter 2022 and upwards revisions to HFCE. The revised estimates more accurately reflect the value of travel imports as the pattern of Australian residents travelling overseas returns towards pre-pandemic levels.

Revisions to Agricultural estimates

This issue includes re-engineered compilation methods for Agricultural estimates in the National Accounts.

Data revisions have occurred in the following estimates;

  • Agriculture Gross Value Added (GVA) (Table 6)
  • Forestry and fishing GVA (Table 6)
  • Agricultural income (Table 10)
  • Farm and Non-farm splits of GDP (Table 24)
  • Agriculture Gross operating surplus and gross mixed income (Table 45)

The re-engineered compilation method will allow for improved coherence between official statistics and other data sources, while reducing reporting burden.

Levels and annual movements of Agricultural estimates have historically been updated for the March quarter release to incorporate detailed commodity data from the latest complete financial year using agricultural value estimates from Agricultural Commodities Produced (VACP) collection. The VACP collection was ceased in January 2023, with the release of data for 2021-22. Further information is detailed in the information paper Modernising ABS agricultural statistics | Australian Bureau of Statistics.

From the March quarter 2024, the estimate utilises 2021-22 Supply and Use tables and agricultural commodity data from the Australian Bureau of Agricultural and Resource Economics and Sciences (ABAREs).  Data revisions in the March quarter 2024 are the result of re-engineered compilation methods and updated source data.

The implementation of this change has led to revisions from the September quarter 2022 to the March Quarter 2024. Minor revisions are also seen in quarters prior to September 2022. The release of the September quarter 2024 will  include quarterly revisions back to September 2020 with the introduction of the 2022-23 Annual Supply and Use benchmarks. 

Retail Business Survey Replacement: Wave 2

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.

Figure 1. Replacement schedule
Data item descriptionAverage Retail Trade contribution (Prior to Dec 2023 reference period)Replacement Wave  Intended implementation
Food30%Wave 1 Implemented: December quarter 2023  
Other Goods and Services41%Wave 1 Implemented: December quarter 2023 
Alcoholic beverages50%Wave 2 Implemented: March quarter 2024 
Clothing and footwear100%Wave 2 Implemented: March quarter 2024 
Furnishings and household equipment95%Wave 3 June quarter 2024
Hotels, cafes and restaurants39%Wave 3 June quarter 2024
Health32%Wave 4 December quarter 2024
Recreation and culture55%Wave 4 December quarter 2024

Data downloads

Time series spreadsheets

Data files

Data cubes

HFCE Food Estimates, current price and chain volume measures, COICOP Group, SUPC, Original

Related releases

Monthly Household Spending Indicator

The April 2024 issue of the Monthly Household Spending Indicator will be released on 7 June 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.

Australian National Accounts: Finance and Wealth

The March quarter 2024 issue of Australian National Accounts: Finance and Wealth will be released on 27 June 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).

Published Releases

Previous catalogue number

This release previously used catalogue number 5206.0.

Back to top of the page