Australia’s gross domestic product (GDP) increased by 0.2% (seasonally adjusted) in the June quarter of 2024 and by 1.5% over the 2023-24 financial year, according to the Australian Bureau of Statistics (ABS).
Katherine Keenan, ABS head of national accounts, noted, “The Australian economy has grown for eleven consecutive quarters, though growth has slowed throughout the 2023-24 financial year. Excluding the pandemic, this marks the lowest annual growth rate since 1991-92.”
GDP per capita declined by 0.4% for the sixth consecutive quarter, highlighting ongoing challenges in economic performance per individual.