Australia Economic Outlook
June 21, 2022Sequential GDP growth softened but beat market projections in the first quarter. Consumer spending slowed considerably due to a normalization of the pace of growth and the spread of the Omicron variant. Meanwhile, exports shrank at a sharper pace amid a less favorable external environment. Activity is seemingly expanding at a healthy pace in Q2. Consumer spending has likely continued to increase, supported by accumulated savings, as suggested by a tight labor market in April and May and retail sales growth in April. That said, plunging consumer sentiment throughout the quarter calls for caution. Moreover, falling business confidence in April and May indicates cooling business investment. Meanwhile, in a bid to address the country’s power crisis and avoid potential blackouts, authorities recently assumed emergency powers to block coal exports.
Australia Economic GrowthThe economy looks set for a healthy expansion this year. Solid labor market dynamics, pent-up spending and faster wage growth should feed household spending. Moreover, the external sector will benefit from sustained global demand for commodities and the reopening of borders. Global supply disruptions and tensions with China pose risks. FocusEconomics panelists project GDP to expand 3.9% in 2022, which is down 0.1 percentage points from last month’s estimate. In 2023, the economy is seen growing 2.7%.
Australia Economy Data
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|Bond Yield||1.37||1.47 %||Dec 31|
|Exchange Rate||0.70||0.05 %||Dec 31|
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Australia Economic News
January 26, 2023
The business confidence index produced by National Australia Bank (NAB) rose to minus 0.8 in December from minus 4.2 in November.
January 25, 2023
Annual inflation came in at 7.8% in Q4, up from Q3’s 7.3%, hitting the highest reading since Q2 1990 and beating market expectations.
January 19, 2023
The Westpac-Melbourne Institute consumer sentiment index increased to 84.3 in January from 80.3 in December.
January 19, 2023
Seasonally-adjusted employment decreased by 14,600 in December, following 58,300 jobs added in November.
January 13, 2023
Retail sales expanded 1.4% in month-on-month seasonally-adjusted terms in November, which followed October's 0.4% increase.