The Australian economy recorded GDP growth in the second quarter ending in June, according to Australian Bureau of Statistics (ABS) estimates released this morning, Wednesday, September 3. This growth rate was the fastest since September 2023, at 0.6%, compared to 0.3% growth in the first quarter of this year. This was better than market expectations of a 0.5% increase. The economy expanded by 1.8% year-on-year, compared to 1.3% (expected 1.6%).
Domestic spending led the growth, including household consumption, while general demand remained flat. Public investment declined by 0.2%, compared to modest growth in net trade, led by exports of mineral goods.