The Australian economy expanded by a subdued 0.2 per cent through the final three months of 2023, taking annual growth to 1.5 per cent over the past year.

But behind the headline figures, the national accounts – as compiled by the Australian Bureau of Statistics – give important insights into how the economy is performing, the pressure points on households and the fallout from interest rates and inflation.

Here’s a breakdown of the economy in five charts.

The value of everything produced across the economy through the final three months of last year reached a record $610 billion. It’s a 1.5 per cent improvement over the same quarter in 2023 and 9.1 per cent up on the pre-COVID December quarter.

Growth was driven by government spending and the export sector. Government expenditure added 0.2 percentage points to economic activity, with the Voice referendum part of the story.

While net exports added 0.4 percentage points to growth, this obscured an actual fall in total exports over the quarter. But imports were even weaker.

About 60 per cent of total economic activity comes from the household sector, but this was flat as people struggled under the weight of inflation and interest rates.

There were some positive signs out of the private sector with building construction up 2.7 per cent, with work on data centres and warehouses getting underway.

QOSHE - How Australia’s economy is faring – in five charts - Shane Wright
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How Australia’s economy is faring – in five charts

10 12
06.03.2024

The Australian economy expanded by a subdued 0.2 per cent through the final three months of 2023, taking annual growth to 1.5 per cent over the past year.

But behind the headline figures, the national accounts – as compiled by the Australian Bureau of Statistics – give important insights into how the economy is performing, the pressure........

© The Sydney Morning Herald


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