Australia Economic Forecast

Australia Economic Outlook

June 21, 2022

Sequential 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 Growth

The 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

2015 2016 2017 2018 2019
Population (million)24.024.424.825.225.6
GDP per capita (USD)51,47451,97055,96156,48854,222
GDP (USD bn)1,2351,2681,3861,4221,386
Economic Growth (GDP, annual variation in %)
Consumption (annual variation in %)-  -  -  -  -  
Investment (annual variation in %)-4.0-
Exports (G&S, annual variation in %)
Imports (G&S, annual variation in %)
Industrial Production (annual variation in %)
Retail Sales (annual variation in %)
Unemployment Rate6.
Fiscal Balance (% of GDP)-2.3-2.4-1.9-0.50.0
Public Debt (% of GDP)37.740.541.141.545.0
Money (annual variation in %)
Inflation Rate (CPI, annual variation in %, eop)
Inflation Rate (CPI, annual variation in %)
Inflation (PPI, annual variation in %)
Policy Interest Rate (%)2.001.501.501.500.75
Stock Market (annual variation in %)-
Exchange Rate (vs USD)0.730.720.780.710.70
Exchange Rate (vs USD, aop)0.750.740.770.750.70
Current Account (% of GDP)-4.7-3.3-2.6-2.00.6
Current Account Balance (USD bn)-58.2-41.4-35.4-28.57.8
Trade Balance (USD billion)-

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Australia Facts

Value Change Date
Bond Yield1.371.47 %Dec 31
Exchange Rate0.700.05 %Dec 31

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