POWERED BY MOMENTUM MEDIA
Annual economic growth lowest since 1991-92
Australian gross domestic product (GDP) rose 0.2 per cent, seasonally adjusted, in the June quarter 2024 and by 1.5 per cent in the 2023-24 financial year, according to figures released by the Australian Bureau of Statistics (ABS) on Wednesday.
Economists broadly expected national accounts to show a real GDP increase of 0.2 per cent on the quarter, and an annual rate dip to 0.9 per cent.
“The Australian economy grew for the eleventh consecutive quarter, although growth slowed over the 2023-24 financial year," said Katherine Keenan, ABS head of national accounts.
“Excluding the COVID-19 pandemic period, annual financial year economic growth was the lowest since 1991-92 - the year that included the gradual recovery from the 1991 recession," Keenan said.
GDP per capita was down for the sixth consecutive quarter, falling 0.4 per cent.
Household spending fell 0.2 per cent, detracting 0.1 percentage points from GDP growth.
“Spending on many discretionary categories fell in the June quarter. This followed a relatively strong result in the March quarter, which included a number of sporting, gambling and music events.
“The strongest detractor from growth was transport services, particularly reduced air travel. This was the first fall for this series since the September 2021 quarter,” Ms Keenan said.
Government spending rose by 1.4 per cent, while total investment fell 0.1 per cent in the June quarter.
More to come.
Recommended for you
Superannuation funds are stepping up their cyber security efforts as reliance on digital infrastructure exposes them to growing risks of cyber attacks, according to new research from JP Morgan.
It seems the government is still determined to push through its controversial super tax legislation, according to its Tax Expenditures and Insights Statement released today.
Bitcoin’s recent surge above US$105,000 has fuelled predictions of a continued monumental rise, yet many Australian super funds remain hesitant to dive into the world of digital assets, with one fund admitting it is keeping an eye on the space.
Large super funds are at the forefront of setting standards for the governance of unlisted asset valuations, according to the Australian Prudential Regulation Authority (APRA).
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.73 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
30.15 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.71 3 y p.a(%)
