Australia GDP Growth Rate

Last Release

Dec 31, 2022

Actual

0.5

Units In

0.7

Frequency

Quarterly

Next Release

Jun 04, 2025

Time to Release

2 Months 27 Days 11 Hours

Highest	Lowest	Average	Date Range	Source
4.4 Mar 1976	-6.8 Jun 2020	0.83 %	1959-2022	Australian Bureau of Statistics

Australia's economy is dominated by the service sector (65 percent of total GDP). Yet its economic success in recent years has been based on the mining (13.5 percent of GDP) and agriculture (2 percent of GDP) as the country is a major exporter of commodities. Other sectors include: manufacturing (11 percent) and construction (9.5 percent).

Latest Updates

The Australian economy grew by 0.6% qoq in Q4 of 2024, accelerating from 0.3% in Q3 and exceeding market consensus of 0.5%. This marked the 13th quarter of expansion and the fastest pace since Q4 2022, driven by a rebound in household spending (0.4% vs flat result in Q3), as expenditures on essentials like rent and healthcare continued to rise. Private investment also picked up (0.3% vs flat reading%), supported by investment in new engineering, electricity infrastructure, and mining. On the trade front, exports of goods and services grew robustly (0.7%), while imports edged up 0.1%, contributing 0.2ppts to GDP. Government spending rose 0.7%, easing from a 1.4% rise in Q3 and marking the slowest gain in a year. Meanwhile, changes in inventories added 0.1 percentage points, turning positive for the first time in three quarters. The household savings ratio increased to 3.8% from 3.6% in Q3. On an annual basis, the GDP expanded 1.3%, after a 0.8% rise in Q3 and above consensus of 1.2%.