Australian National Accounts: National Income, Expenditure and Product

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Quarterly estimates of key economic flows in Australia, including gross domestic product (GDP), consumption, investment, income and saving

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Reference period
December 2024
Released
5/03/2025
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    Australian National Accounts: National Income, Expenditure and Product, December 2024
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    Australian National Accounts: National Income, Expenditure and Product, March 2025
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    Australian National Accounts: National Income, Expenditure and Product, June 2025
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Key statistics

  • The Australian economy rose 0.6% in seasonally adjusted chain volume measures
  • In nominal terms, GDP rose 1.6%
  • The terms of trade rose 1.7%
  • Household saving to income ratio rose to 3.8% from 3.6% 

Reinstatement of Trend series

The ABS is evaluating stakeholder requirements for national accounts trend data, which was suspended during the COVID pandemic. We are interested in information regarding the importance of trend estimates to your analysis, forecasting and policy development. If trend estimates are important for your organisation, please send this feedback to national.accounts@abs.gov.au by 30 April 2025.

More information is available in the Revisions and changes section of this publication.

Economic overview

Unless otherwise stated all figures are in seasonally adjusted, chain volume measures.

The reference year for chain volume measures is 2022-23.

December quarter key figures, percentage changes (a)

 Sep 23 to Dec 23Dec 23 to Mar 24Mar 24 to Jun 24Jun 24 to Sep 24Sep 24 to Dec 24Through the year, Dec 23 to Dec 24
Chain volume measures (b) 
 GDP0.10.20.20.30.61.3
 GDP per capita (c)-0.4-0.4-0.2-0.20.1-0.7
 Gross value added market sector (d)0.3-0.10.3-0.40.6
 Real net national disposable income1.1--1.30.50.7-
Productivity 
 GDP per hour worked0.50.1-0.7-0.5-0.1-1.2
 Real unit labour costs0.1-0.61.60.70.62.3
Prices 
 GDP chain price index (original)2.40.9-0.8-0.21.41.4
 Terms of trade2.8-0.7-3.5-2.31.7-4.8
Current price measures 
 GDP1.41.40.20.51.63.7
 Household saving ratio2.82.72.43.63.8na

- nil or rounded to zero 
na not available 
a. Change on preceding quarter; last column shows the change between the current quarter and the corresponding quarter of the previous year. 
b. Reference year for chain volume measures and real income measures is 2022-23. 
c. Population estimates are as published in National, state and territory population and ABS projections. 
d. ANZSIC divisions A to N, R and S. See Glossary - Market sector. 
 

Australian economy grew 0.6% in the December quarter 2024

Gross Domestic Product (GDP) rose 0.6% this quarter. GDP rose 1.3% since December 2023, following a 0.8% increase through the year to September quarter. Modest growth was seen broadly across the economy this quarter. Both public and private expenditure contributed to the growth, supported by an increase in exports of goods and services. Quarterly growth in GDP per capita was 0.1% following seven consecutive quarters of declines.

Gross domestic product, chain volume measures, seasonally adjusted

Gross domestic product, chain volume measures, seasonally adjusted

Combination chart with 2 data series.
The chart has 1 X axis displaying .
The chart has 1 Y axis displaying %. Data ranges from -6.7 to 10.3.
End of interactive chart.

Terms of trade rose after three consecutive falls

Nominal GDP rose 1.6%. The GDP implicit price deflator (IPD) rose 1.0%, reflecting an increase in both the domestic final demand deflator (+0.8%) combined with a rise in the terms of trade (+1.7%). Higher domestic prices resulted from continued increases in labour costs across both the public and private sectors. Increased prices for services including accommodation, airfares and rent also contributed to the rise in the domestic final demand deflator.

The terms of trade rose following three consecutive falls, as export prices surged (+2.5%) due to increased demand for mineral ores from steel manufacturers following the announcement of China’s economic stimulus package. Increased prices for liquid natural gas (LNG) and rural goods were also observed due to strong demand for Australian exports. This was partly offset by an increase in import prices (+0.8%) influenced by the depreciation of the Australian dollar.

Quarterly growth in prices, seasonally adjusted

Quarterly growth in prices, seasonally adjusted

Line chart with 3 lines.
The chart has 1 X axis displaying .
The chart has 2 Y axes displaying % and %.
End of interactive chart.

Public demand continues to support growth

Domestic final demand contributed 0.5 percentage points to GDP growth.

Private demand made a notable contribution to growth through household consumption (+0.2ppt) and private investment (+0.1ppt). The public sector continued to support domestic demand through government expenditure (+0.1ppt) and public investment (+0.1ppt). 

Net trade contributed 0.2 percentage points to GDP growth attributable to increased exports of goods and services (+0.7%). Imports (+0.1%) rose modestly, a slight offset to exports.

Changes in inventories contributed 0.1 percentage points to GDP growth. Mining inventories saw a buildup as production exceeded exports. Retail trade saw a buildup of electric and hybrid vehicles imported at the end of the December quarter. The wholesale trade inventories build up was due to high crop yields while manufacturing inventories saw a draw down to service meat exports to the United States (US).

Contributions to quarterly growth in GDP, chain volume measures, seasonally adjusted

Contributions to quarterly growth in GDP, chain volume measures, seasonally adjusted

Combination chart with 4 data series.
The chart has 1 X axis displaying .
The chart has 1 Y axis displaying ppt. Data ranges from -7.6 to 4.8.
End of interactive chart.

Household consumption shows signs of strength

Household consumption grew 0.4%.

Discretionary spending grew by 0.4% with strong contributions from furnishings and household equipment (+1.9%), and clothing and footwear (+1.2%) due to strong promotional activity related to the Black Friday and Cyber Monday sales. Hotels, cafes and restaurants (+1.5%) also contributed to the rise, including impacts from large sporting and music events, which boosted consumption during the quarter. Essential spending rose 0.5%, led by a rise in health (+1.5%) with higher spend on health goods including over-the-counter medication. Electricity, gas and other fuel rose (+1.0%) due to warmer than average conditions with multiple reports of heatwaves across New South Wales and Victoria. 

Discretionary and essential consumption contributions to quarterly growth in GDP, volume measures, seasonally adjusted

Discretionary and essential consumption contributions to quarterly growth in GDP, volume measures, seasonally adjusted

Combination chart with 3 data series.
The chart has 1 X axis displaying .
The chart has 1 Y axis displaying ppt. Data ranges from -6.7 to 3.8.
End of interactive chart.

Government spending continues to support demand

Government consumption increased 0.7%. 

State and local (+0.8%) was the largest contributor with strength in hiring across the Health, Education, Policing, and Environment agencies. National non-defence (+0.5%) also contributed to growth driven by Commonwealth Social benefits such as the Pharmaceutical Benefits Scheme and Aged Care. Energy bill relief benefits were flat at the national level following strength in September quarter. Defence expenditure increased 0.9% following two quarters of weakness, driven by the increase in military exercises run throughout the quarter.

General government final consumption expenditure, volume measures, seasonally adjusted

General government final consumption expenditure, volume measures, seasonally adjusted

Combination chart with 3 data series.
The chart has 1 X axis displaying .
The chart has 1 Y axis displaying %. Data ranges from -1.1 to 6.1.
End of interactive chart.

Total investment moderates

Public investment (+1.8%) showed moderate growth. State and local public corporations were the main contributor with increased activity on major transport, water and renewable projects. National defence investment partly offset the rise following increased equipment imports last quarter followed by a fall in base upgrade expenditure this quarter.

Private investment (+0.3%) increased modestly, led by business investment with progress on renewable and mining projects. Dwelling investment partly offset the rise as cost pressures and labour shortages combined with the decline in new home commencements continued to weigh on the pipeline of residential projects. Ownership transfer costs (+0.2%) saw a subdued rise in line with modest activity in the property market. 

Private and public investment, chain volume measures, seasonally adjusted

Private and public investment, chain volume measures, seasonally adjusted

Combination chart with 3 data series.
The chart has 1 X axis displaying .
The chart has 1 Y axis displaying %. Data ranges from -2.5 to 8.
End of interactive chart.

Net trade contributed to growth

Net trade contributed 0.2 percentage points to GDP growth as exports (+0.7%) rose, partly offset by a rise in imports (+0.1%).

Exports of services (+3.4%) led the rise driven by intellectual property services related to pharmaceuticals and computer software. Exports of goods (+0.1%) also contributed to growth, driven by rural goods. Strength in meat exports to the US continued. Favourable weather conditions produced high crop yields, which led to increased exports of cereals and other rural goods.

The rise in imports was led by goods (+1.1%). Imports of consumption goods was driven by electric and hybrid vehicles imported at the end of the quarter. Imports of services (-2.5%) partly offset the rise with decreased overseas spend as more Australian residents opted to travel to closer destinations where the Australian dollar exchange rate was favourable.

Net trade contribution to quarterly growth in GDP, chain volume measures, seasonally adjusted

Net trade contribution to quarterly growth in GDP, chain volume measures, seasonally adjusted

Combination chart with 3 data series.
The chart has 1 X axis displaying .
The chart has 1 Y axis displaying ppt. Data ranges from -2.1 to 2.8.
End of interactive chart.

Most industries support growth

Gross value added (GVA) rose 0.4%, with rises in 12 out of 19 industries.

Agriculture, Forestry and Fishing (+7.3%) was the largest contributor to the rise with high levels of livestock production to meet ongoing export demand, particularly from the US. Grain production also contributed to the rise as favourable weather conditions allowed for an earlier start to the bumper harvest. 

Transport, Postal and Warehousing (+3.0%) also experienced strong growth related to the transport and storage of excess grains. Air transport saw strength from increased passenger demand. Postal services also increased with greater parcel volumes aligned with timing of Black Friday sales. 

Manufacturing (-2.3%) partly offset the rises due to outages in nickel and steel causing a decrease in metal production. Construction (-1.3%) also fell with ongoing constraints with high prices and competition within the labour market driving weakness across the industry.

Gross value added by industry, chain volume measures, seasonally adjusted

Gross value added by industry, chain volume measures, seasonally adjusted

Bar chart with 19 bars.
The chart has 1 X axis displaying .
The chart has 1 Y axis displaying %. Data ranges from -2.3 to 7.3.
End of interactive chart.

Mining industry led the increase in profits

Gross operating surplus (GOS) increased 1.1%. 

Private non-financial corporations GOS (+0.6%) rose, influenced by a surge in mining commodity prices, particularly for iron ore, following three quarters of decline. Increased prices are largely attributed to the spike in demand following the announcement of China’s economic stimulus package.

Non-mining industries including Wholesale Trade and Transport, Postal and Warehouse also contributed to the rise, as the high crop yields saw increased demand for road services required to transport excess grains from farms into wholesale inventories.  Air transport saw strength with new air routes introduced to meet increased passenger demand and freight capacity. 

Financial corporations GOS (+1.8%) rose with growth in deposit and loan balances, while margins were flat. Deposit balances saw a notable rise, aligned with the reduced 1 July 2024 income tax rates and government support packages. Households deposited funds into high interest saving and offset accounts. Increased loan balances from owner-occupier and investor mortgages and business loans, also contributed to the rise in balances.

Dwellings owned by persons GOS increased 2.1%, reflecting rent increases due to population growth and low vacancy rates. 

Quarterly growth in gross operating surplus, current prices, seasonally adjusted

Quarterly growth in gross operating surplus, current prices, seasonally adjusted

Line chart with 4 lines.
The chart has 1 X axis displaying .
The chart has 1 Y axis displaying %. Data ranges from -10 to 18.4.
End of interactive chart.

Compensation of employees continued to rise

Compensation of employees (COE) increased 2.0%.

The labour market conditions remained strong as the unemployment rate tightened to 4.0% by the end of December. Hours worked increased 0.7%, aligned with quarterly employment growth (+0.8%), and was above the long-term average of 0.4%. 

Private COE (+1.9%) led the rise, with increases in bonuses, business growth and activity in the Professional, Scientific and Technical services, Transport, Postal and Warehousing, Construction and Finance industries. Public COE rose 2.4%, with rises across multiple State and Local governments led by wage rises within the New South Wales and Victorian public service. Queensland also contributed to the rise in public COE due to increased employment during the state election held in October.

Quarterly growth in public and private compensation of employees, current prices, seasonally adjusted

Quarterly growth in public and private compensation of employees, current prices, seasonally adjusted

Combination chart with 3 data series.
The chart has 1 X axis displaying .
The chart has 1 Y axis displaying %. Data ranges from -2.6 to 3.5.
End of interactive chart.

Household saving ratio increased

The household saving to income ratio rose to 3.8%, as growth in gross disposable income outpaced growth in nominal household consumption. 

The rise in gross disposable income (+$5.9b) resulted from strength in gross income (+$8.1b) relative to income payable (+$2.2b). Compensation of employees remained the main source of gross income, followed by dwelling GOS and social assistance benefits. Income payable was driven by income tax and dwelling interest payable. 

Nominal household final consumption expenditure (+$4.2b) detracted from household saving with increases in both volumes and prices of consumption. 

Household saving ratio, seasonally adjusted

Household saving ratio, seasonally adjusted

Line chart with 33 data points.
The chart has 1 X axis displaying .
The chart has 1 Y axis displaying %. Data ranges from 1.5 to 23.9.
End of interactive chart.

Expenditure

Expenditure

 Sep 24 to Dec 24
(% change)		Dec 23 to Dec 24
(% change)		Sep 24 to Dec 24
(ppt contribution to GDP growth)
Final consumption expenditure 
 General government0.75.10.1
 Households0.40.70.2
 Total final consumption expenditure0.52.00.4
Gross fixed capital formation 
 Private 
  Dwellings-0.42.5-
  Ownership transfer costs0.23.2-
  Non-dwelling construction0.6-5.0-
  Machinery and equipment-0.3--
  Cultivated biological resources-2.0-12.5-
  Intellectual property products2.611.40.1
 Public1.88.10.1
 Total gross fixed capital formation0.72.50.2
Changes in inventoriesnana0.1
Gross national expenditure0.62.30.6
Exports of goods and services0.71.70.2
Imports of goods and services0.15.8-
Statistical discrepancy (E)nana-0.1
Gross domestic product0.61.30.6

- nil or rounded to zero (including null cells) 
na not available 
 

Income

Income estimates are in seasonally adjusted current prices

Income

 Sep 24 to Dec 24
(% change)		Dec 23 to Dec 24
(% change)		Sep 24 to Dec 24
(ppt contribution to GDP growth)
Compensation of employees2.06.11.0
Gross operating surplus 
 Private non-financial corporations0.6-5.30.1
 Other (a)1.88.80.4
Gross mixed income0.20.9-
Taxes less subsidies on production and imports1.65.60.2
Statistical discrepancy (I)nana-
Gross domestic product1.63.71.6

- nil or rounded to zero (including null cells) 
na not available 
a. Includes Public non-financial corporations, Financial corporations, General government and Dwellings owned by persons. 

 

Production

Production

 Sep 24 to Dec 24
(% change)		Dec 23 to Dec 24
(% change)		Sep 24 to Dec 24
(ppt contribution to GDP growth)
Agriculture, Forestry and Fishing7.316.80.2
Mining-0.3-2.3-
Manufacturing-2.3-1.7-0.1
Electricity, Gas, Water and Waste Services3.07.60.1
Construction-1.3-1.5-0.1
Wholesale Trade0.4-2.4-
Retail Trade0.60.8-
Accommodation and Food Services0.6-1.1-
Transport, Postal and Warehousing3.04.70.1
Information Media and Telecommunications-0.60.9-
Financial and Insurance Services1.03.30.1
Rental, Hiring and Real Estate Services0.62.3-
Professional, Scientific and Technical Services-0.5-1.2-
Administrative and Support Services0.80.5-
Public Administration and Safety0.93.6-
Education and Training1.14.70.1
Health Care and Social Assistance0.52.2-
Arts and Recreation Services-0.23.6-
Other Services-1.1-3.7-
Ownership of dwellings0.41.4-
Taxes less subsidies on products1.02.60.1
Statistical discrepancy (P)nana0.1
Gross domestic product0.61.30.6

- nil or rounded to zero (including null cells) 
na not available 
 

State and territory final demand

State and territory final demand, percentage changes (a)

 Sep 24 to Dec 24
 NSWVic.QldSAWATas.NTACTAust.(b)
Final consumption expenditure 
 General government1.5-0.10.70.90.0-0.41.90.80.7
 Households0.40.30.60.00.71.00.4-0.20.4
Gross fixed capital formation 
 Private0.51.4-2.5-2.31.7-1.06.1-2.70.3
 Public0.72.53.0-1.24.44.4-4.2-4.31.8
State final demand0.60.60.2-0.31.10.61.6-0.20.5

- nil or rounded to zero (including null cells) 
a. Change on preceding quarter 
b. Australia estimates relate to Domestic final demand. 
 

Quarterly volume measures, seasonally adjusted

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Key tables

Revisions and changes

Revisions in this issue

There are revisions in this issue due to the incorporation of more up-to-date data and concurrent seasonal adjustment. 

Review of suspension of trend estimates

Trend estimates for all series in the National Accounts were suspended from June 2019 due to the impacts of COVID-19 on the economy. Over the intervening period, national accounts time series were significantly affected by changes to regular patterns in economic activity.

The ABS is evaluating stakeholder requirements for national accounts trend data, which was suspended during the COVID pandemic. We are interested in information regarding the importance of trend estimates to your analysis, forecasting and policy development. If trend estimates are important for your organisation, please send this feedback to national.accounts@abs.gov.au by 30 April 2025.

September quarter population estimates

The population estimates used in some estimates within the September quarter 2024 issue were not the latest estimates available at that time. This error has been corrected in this release, which has generated minor revisions to some national accounts estimates.

Retail Business Survey Replacement

On 23 November 2023 the ABS announced that it would cease the Retail Business Survey (RBS) and Retail Trade publication in 2025 once it has transitioned to new data sources. More information can be found in the Cessation of the Retail Business Survey and Retail Trade Publication article.

From this quarter, the Retail Business Survey is no longer a direct input into the Australian National Accounts (ANA). Between the December quarter of 2023 and December 2024, the ANA iteratively replaced the use of Retail Trade estimates, as outlined in Figure 1. In each wave, bank transactions data, other administrative and survey data sources replaced the RBS as the primary data sources. This process has not resulted in revisions to the time series.

Figure 1. Replacement schedule

Data item descriptionReplacement Wave  Implementation 
Food Wave 1December quarter 2023
Other Goods and Services Wave 1December quarter 2023
Alcoholic beverages Wave 2March quarter 2024 
Clothing and footwear Wave 2March quarter 2024 
Furnishings and household equipment Wave 3June quarter 2024
Hotels, cafes and restaurants Wave 3June quarter 2024
Health Wave 4December quarter 2024
Recreation and culture Wave 4December quarter 2024
Retail Trade GVAWave 4December quarter 2024

Data downloads

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Time series spreadsheets

Data files

Data cubes

HFCE Food Estimates, current price and chain volume measures, COICOP Group, SUPC, Original

Data files
Download xlsx [521.33 KB]

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Previous catalogue number

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Methodology

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Media releases