Australia GDP Growth Rate1959-2021 Data | 2022-2023 Forecast | Calendar

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.

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.

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.

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.