Private Consumption in Australia
The Australian economy recorded an average growth rate of 2.1% in private consumption in the decade to 2024, same level as the % average for . In 2024, the growth of private consumption was0.6%. For more information on private consumption, visit our dedicated page.
Australia Private consumption Chart
Note: This chart displays Private Consumption (annual variation in %) for Australia from 2025 to 2024.
Source: Macrobond.
Australia Private consumption Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Private Consumption (ann. var. %) | -6.0 | 5.0 | 7.4 | 2.5 | 0.6 |
GDP growth accelerates in Q2
GDP reading: GDP growth improved to 0.6% on a seasonally adjusted quarter on quarter basis in the second quarter from 0.3% in the first quarter, beating market expectations. Household consumption surged, lifted partly by stronger spending on both discretionary and essential goods during the Easter and ANZAC holidays. Government expenditure also increased, driven by higher social benefit payments and greater defense outlays. In contrast, fixed investment performed poorly and the contribution of net trade was only minorly positive.
Private and public spending drive expansion: Private consumption growth hit an over one-year high of 0.9% in the second quarter (Q1: +0.4% s.a. qoq). Government spending picked up to a 1.0% expansion in Q2 (Q1: +0.3% s.a. qoq). Meanwhile, fixed investment contracted 0.8% in Q2, marking the worst result since Q2 2020 (Q1: -0.1% s.a. qoq). On the external front, exports of goods and services were up 1.7% (Q1: -0.7% s.a. qoq) thanks to higher exports of mining commodities amid reduced weather-related disruptions. In addition, imports of goods and services growth picked up to 1.4% in Q2 (Q1: +0.1% s.a. qoq).
Solid GDP growth to continue: The economy should grow at a similar rate to Q2 going forward, thus performing close to its potential after several quarters of depressed readings by historical standards; Central Bank rate cuts will partly drive the improvement.
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Australian private consumption projections for the next ten years from a panel of 15 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable private consumption forecast available for Australian private consumption.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Australian private consumption projections.
Want to get access to the full dataset of Australian private consumption forecasts? Send an email to info@focus-economics.com.
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