Consumption in Australia
Australia - Consumption
The economy cools in Q1
Economic activity increased 0.8% on a seasonally-adjusted quarter-on-quarter basis in Q1 2022, following the previous quarter's 3.6% expansion.
Household spending expanded 1.5% in Q1, following the 6.4% jump logged in Q4. However, fixed investment increased at a stronger pace of 2.7% in Q1 from the 0.4% uptick recorded in the previous quarter. Meanwhile, government consumption growth accelerated to 2.7% in Q1 (Q4 2021: +0.7% s.a. qoq).
On the external front, exports of goods and services decreased 0.9% in the first quarter (Q4 2021: -1.0% s.a. qoq), while imports of goods and services expanded 8.1% in Q1 (Q4 2021: +0.7% s.a. qoq).
Meanwhile, in annual terms, GDP growth slowed to 3.3% in the first quarter, from 4.4% in the fourth quarter.
Consensus Forecast panelists see the economy growing 3.8% in 2022, which is up 0.1 percentage points from last month’s forecast, and growing 2.9% in 2023.
Australia - Consumption Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Consumption (annual variation in %) | - | - | - | - | - |
Australia Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 1.37 | 1.47 % | Dec 31 |
| Exchange Rate | 0.70 | 0.05 % | Dec 31 |
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Economic News
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Australia: Consumer sentiment weakens in August
August 9, 2022
The Westpac-Melbourne Institute consumer sentiment index decreased to 81.2 in August from 83.8 in July, marking the lowest reading since August 2020.
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Australia: Business confidence strengthens in July
August 9, 2022
The business confidence index produced by National Australia Bank (NAB) rose to 7.0 points in July from 1..4 points in June.
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Australia: Retail sales growth eases in June
August 3, 2022
Retail sales growth expanded 0.2% in month-on-month seasonally-adjusted terms in June, down from May’s 0.7% increase. Looking at the details of the release, household goods and department store sales fell in June, as did food retailing.
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Australia: RBA hikes rate further in August; hints at further hikes ahead
August 3, 2022
At its monetary policy meeting on 2 August, the Reserve Bank of Australia (RBA) hiked the official cash rate (OCR) from 1.35% to 1.85%, as had been widely expected by markets.
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Australia: Inflation at over three-decades high in Q2
July 28, 2022
In the second quarter of 2022, consumer prices soared 1.8% over the previous quarter, following Q1’s 2.1% jump.
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