Australia’s economy expanded at the fastest pace in two years in the December quarter, boosted by an improvement in household spending and stronger exports.
The Australian Bureau of Statistics’ national accounts report today said the economy grew by 0.6% in the quarter. It attributed this to “modest growth […] broadly across the economy […] supported by an increase in exports”.
Annual gross domestic product (GDP) growth for the year to December 2024 was 1.3%. That’s not especially high in historical terms, but as good as we have seen since late 2022. The long-term average growth for the Australian economy is closer to 2.7%.
