News

Australia Q1 GDP Growth Recoups Pandemic Losses
The Australian economy advanced 1.8% qoq in the three months to March 2021, after an upwardly revised 3.2% growth in the previous period and beating market expectations of 1.5%. This was the third straight quarter of expansion, amid continued monetary and fiscal stimulus. Household consumption grew further (1.2% vs 4.5% in Q4), mainly driven by spending on hotels, cafes and restaurants, recreation and culture, other goods and services, and vehicles. Meantime, private investment growth accelerated (5.3% vs 3.8%), with machinery and equipment investment recording its strongest quarterly rise since Q4 2009, on the sustained improvement in business confidence and support from Government tax incentives. Net external demand contributed negatively to the GDP as exports rose less than imports. On a yearly basis, the economy grew by 1.1%, above pre-pandemic levels, after a downwardly revised 1% fall in the fourth quarter.
Published on 2021-06-02

Australia Q4 GDP Growth Beats Forecasts
The Australian economy advanced 3.1 percent on quarter in the three months of December 2020, following an upwardly revised 3.4 percent growth in the previous period and beating market expectations of 2.5 percent. This was the first time in the more than 60 years that GDP has grown by more than 3 percent in two straight quarters on the back of massive monetary and fiscal stimulus. Household consumption rose 4.3 percent, boosted by spending on goods such as vehicles and that on services including recreation and culture, hotels, cafes and restaurants and health. Also, private investment advanced 3.9 percent boosted by rises across both housing and business investment with improved conditions which coincided with government initiatives, such as HomeBuilder and the expanded instant asset write-off. Net external demand contributed negatively to the GDP as exports rose less than imports. Year-on-year, the economy shrank 1.1 percent, suggesting policy support will still be needed.
Published on 2021-03-03

Australian Economy Exits Recession
The Australian economy advanced 3.3 percent on quarter in the three months to September 2020, partially recovering from a record 7 percent contraction in the prior period and easily beating market consensus of a 2.6 percent growth. This was the steepest period of expansion since the March quarter of 1976, as the economic activity resumed following an easing of social distancing measures and trading restrictions across most states and territories. Household consumption grew by a record 7.9 percent, due to increased spending on both goods and services; and government consumption advanced 1.4 percent, the ninth consecutive rise, driven by increased social benefits to households. Meanwhile, private investment fell 0.2 percent on weaker business investment; and net external demand contributed negatively to the GDP amid a fall in exports. Through the year to the September quarter, the economy shrank 3.8 percent, after a 6.4 percent contraction in the June quarter.
Published on 2020-12-02

Australia Economy Enters Recession
The Australian economy shrank 7% on quarter in the three months to June 2020, following a 0.3% drop in the prior period and worse than market consensus of a 5.9% fall. It was the second consecutive quarterly contraction and the sharpest on record, entering the first recession in 30 years as the COVID-19 crisis took a huge toll on the economy. Household consumption slumped (-12.1% vs -1.2% in Q1) and gross fixed capital formation shrink at the steepest rate since Q4 2000 (-4.9% vs -0.5%). Also, inventories fell AUD 4,085 million following a $1,261 million drop in Q1, led by trade and manufacturing. In contrast, government spending grew the most since Q4 1995 (2.9% vs 2.1%), in response to the virus shocks. Exports declined (-6.7% vs -4.4%), while imports fell faster (-12.9% vs -6.7%). On the production side, most sectors contracted except mining, financial & insurance, public administration and education. Through the year to Q2, the economy shrank 6.3%, after a 0.3% drop in Q1.
Published on 2020-09-02

Australian Economy Shrinks for First Time in 9 Years
The Australian economy shrank 0.3% on quarter in the first three months of 2020, after a 0.5% growth in the prior period and in line with market consensus. It was the first contraction since Q1 2011, as the economy was hit by bushfires, drought and the coronavirus pandemic. Household consumption fell for the 1st time since Q4 2008 (-1.1% vs 0.5% in Q4 2019) and gross fixed capital formation continued to shrink (-0.8% vs -1.2%). Inventories fell AUD 909 million driven by manufacturing, retail and wholesale inventories. In contrast, government spending grew 1.8%, faster than a 0.9% expansion, in response to the bushfires and the covid-19. Exports declined 3.5% (vs -0.2% in Q4), while imports fell at a faster 6.2% (vs 0.1% in Q4). On the production side, most sectors contracted except manufacturing, wholesale and retail trade, information & telecommunications and financial & insurance. Through the year to Q1, the economy grew 1.4%, after a 2.2% expansion in Q4.
Published on 2020-06-03

Australia Q4 GDP Growth Beats Estimates
The Australian economy grew 0.5 percent in the fourth quarter of 2019, easing from an upwardly revised 0.6 percent growth in the prior period but beating market forecasts of a 0.3 percent expansion. Government spending slowed (0.7% vs 1.1% in Q3); and gross fixed capital formation fell (-1% vs 0.6%) as both private and public investment declined. Meanwhile, household consumption grew further (0.4% vs 0.1%); and inventories rose AUD 118 million driven by mining and rebounding from a decrease of AUD 743 million. Exports were flat (vs 0.5% in Q3); while imports fell 0.5% (vs -0.3% in Q3). On the production side, most sectors grew except construction; wholesale trade; administrative support & services; and arts & recreation. Through the year to Q4, the economy grew 2.2%, after an upwardly revised 1.8% expansion in Q3.
Published on 2020-03-04

Australia Q3 GDP Growth Below Estimates
The Australian economy advanced a seasonally adjusted 0.4 percent in the September quarter of 2019, slowing from an upwardly revised 0.6 percent growth in the previous period and missing market expectations of a 0.5 percent expansion. Government spending eased and household consumption expanded at its weakest pace since the global financial crisis. Through the year to the third quarter, the economy grew 1.7 percent, following an upwardly revised 1.6 percent expansion in the June quarter.
Published on 2019-12-04

Australia Q2 GDP Growth Matches Estimates
The Australian economy advanced a seasonally adjusted 0.5 percent in the June quarter of 2019, the same pace as an upwardly revised figure in the previous period and in line with market expectations. Positive contribution from net exports and a faster rise in government spending on the back of a subdued household consumption offset a slump in dwelling investment. Through the year to the second quarter, the economy expanded 1.4 percent, the weakest growth rate since the Global Financial Crisis, after a downwardly revised 1.7 percent expansion in the first quarter of the year.
Published on 2019-09-04

Australia Q1 GDP Growth Below Forecasts
The Australian economy advanced a seasonally adjusted 0.4 percent in the first quarter of 2019, accelerating from a 0.2 percent expansion in the previous period but missing market consensus of 0.5 percent. A rise in government spending and a rebound in exports offset a slowdown in household consumption and a decline in fixed investment. Through the year to the first quarter, the economy expanded by 1.8 percent, the weakest growth rate since the Global Financial Crisis, slowing from a 2.3 percent advance in the previous quarter.
Published on 2019-06-05

Australia GDP Growth at Over 2-Year Low in Q4
The Australian economy advanced a seasonally adjusted 0.2 percent in the December quarter of 2018, slowing from a 0.3 percent expansion in the previous period and missing market consensus of 0.3 percent. It was the weakest growth rate since the third quarter of 2016 as dwelling investment contracted and private consumption grew only modestly. Through the year to the fourth quarter, the economy expanded 2.3 percent, the slowest pace since the June quarter of 2017, after a downwardly revised 2.7 percent growth in the previous period and below market forecasts of 2.5 percent.
Published on 2019-03-06

Australia Q3 GDP Growth Weakest in 2 Years
The Australian economy grew a seasonally adjusted 0.3 percent in the September quarter of 2018, slowing sharply from a 0.9 percent expansion in the previous period and missing market consensus of a 0.6 percent advance. This was the weakest pace of expansion since a contraction seen in the third quarter of 2016, mainly due to a sharp slowdown in private consumption and a pull-back in non-residential construction. Through the year to the September quarter, the economy grew 2.8 percent, following a downwardly revised 3.1 percent expansion in the prior quarter and below market expectations of a 3.3 percent growth. It was the weakest annual pace of growth since the December quarter of 2017.
Published on 2018-12-05

Australia Q2 GDP Growth Stronger than Expected
The Australian economy advanced 0.9 percent in the June quarter of 2018, above market consensus of a 0.7 percent expansion and after an upwardly revised 1.1 percent growth in the previous quarter. Growth was mainly supported by strength in domestic demand and foreign trade while fixed investment was flat. Through the year to the second quarter, the economy grew 3.4 percent, following a 3.2 percent expansion in the prior quarter and beating expectations of a 2.8 percent growth. It is the fastest annual pace of expansion since Q3 2012.
Published on 2018-09-05

Australia Q1 GDP Growth Beats Estimates
The Australian economy advanced 1 percent in the March quarter of 2018, above market consensus of a 0.9 percent expansion and after an upwardly revised 0.5 percent growth in the previous quarter. It is the highest growth rate since the second quarter 2017, mainly boosted by a rebound in exports. Through the year to the first quarter, the economy grew by 3.1 percent, following a 2.4 percent expansion in the prior quarter and above expectations of a 2.8 percent growth. It is the fastest annual growth rate since Q2 2016.
Published on 2018-06-06

Australia Q4 GDP Growth Below Estimates
The Australian economy advanced 0.4 percent in the December quarter of 2017, less than market consensus of a 0.6 percent expansion and after an upwardly revised 0.7 percent growth in the previous quarter. It was the weakest growth rate since a contraction in the September quarter 2016, as positive contributions mainly came from final consumption expenditure while non-dwelling construction and net trade had a downward effect. Through the year to the fourth quarter, the economy grew by 2.4 percent, slower than an upwardly revised 2.9 percent expansion in the prior quarter and slightly below expectations of a 2.5 percent growth.
Published on 2018-03-07

Australia Q3 GDP Growth Slows to 0.6%
The Australian economy advanced 0.6 percent in the September quarter of 2017, following an upwardly revised 0.9 percent growth in the previous quarter and slightly below market consensus of a 0.7 percent expansion. Positive contributions from non-dwelling construction and changes in inventories were unable to offset weaker domestic demand and foreign trade. Through the year to the third quarter, the economy grew by 2.8 percent, much faster than a 1.8 percent expansion in the prior quarter while markets estimated a 3.0 percent expansion. It was the strongest yearly figure since the June quarter 2016.
Published on 2017-12-06

Australia GDP Growth Accelerates to 0.8% in Q2
The Australian economy expanded 0.8 percent in the June quarter of 2017, much stronger than a 0.3 percent growth in the first quarter and matching market consensus. The solid expansion was mainly supported by strength in domestic demand and net exports. Through the year to the second quarter, the economy grew by 1.8 percent, following a 1.7 percent expansion in the prior quarter and in line with estimates.
Published on 2017-09-06

Australia GDP Growth Slows In Q1
The Australian economy expanded 0.3 percent in the March quarter of 2017, compared to a 1.1 percent growth in the December quarter 2016 while markets expected a 0.2 percent expansion. Positive contributions from final domestic demand and changes in inventories were unable to offset weak net trade and a drop in dwelling investment. Australia now recorded 103 quarters between the June 1991 and the 2017 March quarter without two straight quarters of negative economic growth, which is regarded as the longest stretch of any developed nation. Through the year to the first quarter, the economy grew by 1.7 percent, slower than a 2.4 percent expansion in the prior quarter but beating consensus of a 1.5 percent growth. It was the weakest annual expansion since the September quarter 2009.
Published on 2017-06-07

Australia GDP Growth Beats Expectations In Q4
The Australian economy expanded 1.1 percent in the fourth quarter of 2016, compared to a 0.5 percent contraction in the September quarter and beating markets expectations of a 0.7 percent growth. It was the strongest expansion since the March quarter 2016, mainly boosted by household spending, investment and net trade while government spending was flat. The country now recorded 101 quarters between the June 1991 and the 2016 December quarter without two straight quarters of negative economic growth. Through the year to the December quarter, the economy grew by 2.4 percent, faster than a 1.9 percent expansion in the September quarter and above consensus of a 1.9 percent growth.
Published on 2017-03-01

Australia GDP Contracts for 1st Time in 5-1/2-Years in Q3
The Australian economy unexpectedly declined 0.5 percent in the third quarter of 2016, compared to an upwardly revised 0.6 percent growth in the June quarter and missing market consensus of a 0.3 percent expansion. It was the first contraction since the March quarter 2011 and the fastest fall since the December quarter 2008, dragged down by investment and net trade. Through the year, the economy grew by 1.8 percent, slowing sharply from a 3.3 percent expansion in the June quarter while market estimated a 2.5 percent growth. It was the weakest growth since the third quarter 2009.
Published on 2016-12-07

Australia GDP Growth Weakest in A Year
The Australian economy expanded 0.5 percent in the June quarter of 2016, slowing from a downwardly revised 1.0 percent growth in the previous quarter and slightly below market consensus of a 0.6 percent growth. It was the weakest growth since the second quarter 2015, weighed down by net trade while investment was flat and final consumption remained steady. Through the year, the economy grew by 3.3 percent, accelerating from a 3.1 percent expansion in the March quarter while market estimated a 3.4 percent growth. It was the strongest increase since the June quarter 2012, bringing the annual growth of 2.9 percent for the 2015-2016 financial year and going 100 quarters without experiencing a technical recession.
Published on 2016-09-07