Australia GDP Growth Rate

The Australian economy expanded 0.2% qoq in Q4 of 2023, easing from an upwardly revised figure in Q3 and market estimates of 0.3%. This was the ninth straight period of quarterly growth but the softest pace in 5 quarters, as household spending was subdued (0.1% vs -0.2% in Q3), reflecting efforts to maintain spending just on essential items like electricity, rent, food, and health. Meanwhile, government expenditure notably slowed (0.6% vs 1.5%), amid a fall in defense spending and continued government benefits for households. Fixed investment fell after growing in the prior 3 quarters (-0.2% vs 1.5%), with public investment dipping for the first time since Q3 of 2022 while a fall in private one was due to dwellings and machinery and equipment. Net trade contributed positively as exports of goods and services fell 0.3% while imports plunged 3.4%. The household savings ratio rose 3.2%, the first rise in 9 quarters. Through the year, the GDP grew by 1.5%, slightly above forecasts of 1.4%.