Annual GDP growth minimal, with GDP per capita declining for six consecutive quarters

Australia’s economy saw mixed performance in Q3 2024. With a quarterly GDP rise of 0.33%, the annual increase over the year to September 2024 reached 1.11%. While positive, this is one of the smallest annual GDP gains in over three decades (excluding the pandemic) and underscores the nation’s ongoing economic challenges. Notably, GDP per capita declined for the sixth consecutive quarter, a trend exacerbated by strong population growth.

  • GDP grew 0.33% in Q3, with annual growth of 1.11%.
  • Household spending stagnated with essential spending falling 0.1%, discretionary spending rising slightly.
  • Fragile consumer confidence is weighed down by concerns around inflation, unemployment, and falling house prices.