Total spending went up 0.6% m/m. Overall, total consumer spending increased 1.9% in 3-month average terms and 6.5% over the past 12 months.
Report
May 31, 2024
Australian GDP Preview Q1 2024
Following a slow end to 2023, a slow start to 2024
Overview
- NAB sees a +0.0% q/q (1.0% y/y) GDP print for Q1 2024
- Another quarter of very soft growth, with consumption and business investment broadly flat, dwelling investment slightly lower and volatile outcomes for inventories and trade.
- Confirmation of ongoing weakness in growth is likely to see the RBA remain on hold, despite a still strong CPI read in April.
- We expect soft growth to persist in Q2, before easing pressures on household income support growth in H2 – though just how much remains uncertain and will be key.
For further details please see the Australian GDP Preview (Q1 2024)
