National Accounts

  • Q1 2022

    June 1, 2022

    Australian seasonally adjusted real GDP rose 0.8% in Q1 2022, exceeding market expectations for a 0.6% increase.

    The annual growth rate of GDP declined to 3.3% from 4.4% in the previous quarter.

    Western Australia saw the second strongest quarterly increase of all states in real state final demand (2.2%), after Victoria.

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  • Q4 2021

    March 2, 2022

    Australian seasonally adjusted real GDP rose 3.4% in Q4 2021, exceeding market expectations for a 3.0% increase. This was the fastest increase since Q1 1976, and slightly surpassed the rebound in Q3 2020 when the Aussie economy sprang back after the nationwide lockdown. The Q4 rise in real GDP was attributable to the recovery from the Delta outbreaks over east.

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  • Q3 2021

    December 1, 2021

    Australian seasonally adjusted real GDP declined 1.9% in Q3 2021, less than the 2.7% fall expected by the markets.

    The big decline in Q3 real GDP growth was unsurprisingly driven by a 4.8% drop in household consumption spending amid lockdowns over east.

    Western Australian real state final demand rose 0.6%, driven mainly by a 1.9% increase in household consumption.

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  • Q2 2021

    September 1, 2021

    Australian seasonally adjusted real GDP rose by 0.7% in Q2 2021, slightly faster than the 0.5% expected by market participants.

    Like in the previous quarter, the major contribution to GDP growth in Q2 2021 came from gross fixed capital formation.

    In Western Australia, state final demand grew by 1.2% in the quarter, following a strong 3.2% increase in the previous quarter.

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  • Q1 2021

    June 2, 2021

    Australian seasonally adjusted real GDP rose by 1.8% in Q1 2021, somewhat more than the 1.5% expected by market participants.

    In contrast to the previous quarters, the major contribution to GDP growth in Q1 2021 came from investment, propped up among others by spending machinery and equipment ahead of the expected expiration of tax incentives.

    Western Australia saw the largest increase in state final demand of all states.

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  • Q4 2020

    March 3, 2021

    Australian seasonally adjusted real GDP rose by 3.1% in Q4 2020, somewhat more than the 2.5% envisaged by the market consensus.

    The rise in real GDP was again mainly driven by household consumption, reflecting the re-opening of Victoria after the 2020 Melbourne lockdown.

    Western Australia saw a 1.5% increase in state final demand in Q4, to be up 1.2% YoY. With a 0.1% rise in the entirety of 2020, Western Australia was the only state not to record a decline in domestic output over the whole year.

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  • Q3 2020

    December 2, 2019

    Australian seasonally adjusted real GDP rose by 3.3% in Q3 2020, which followed a record 7.0% contraction in Q2.

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  • Q1 2020

    June 3, 2020

    In Q1 2020, Australian GDP fell by 0.3% in seasonally adjusted terms, in line with market expectations. This was the first fall in GDP since 2011.

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