Australia’s GDP up 1.8 Percent, but Growth Came at a Cost

Household spending and exports lifted growth, but savings hit a new low and public investment dragged the economy down.

Australian dollars coins in Melbourne, Australia, on April 4, 2024. AAP Image/Joel Carrett

Australia’s economy grew 0.6 percent in the June quarter and 1.8 percent over the year, outpacing some global peers but exposing cracks beneath the surface.

The Australian Bureau of Statistics (ABS) said GDP for 2024–25 financial year rose 1.3 percent, a rebound after weather disruptions stalled growth in March.