Australian Economy Rebounds, Ending Two-Year Per Capita Recession

GDP grew by 0.6% in the December quarter, driven by increased consumer spending and exports, marking the fastest growth since 2022.

Australia's GDP grew 1.3% year-on-year in the fourth quarter of 2024, exceeding economists' expectations of 1.2%.
The December quarter saw a 0.6% GDP increase, with per capita GDP growth of 0.1%, ending a 21-month per capita recession.
Consumer spending rose by 0.4%, with notable increases in hospitality and events, including large crowds at the Australia-India cricket series.
Exports of goods and services, along with private investment in engineering projects, contributed to the economic recovery.
The Reserve Bank's recent interest rate cuts and easing inflation were cited as factors supporting the economic turnaround.