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Australia’s economy expanded more than anticipated in the fourth quarter, driven by strong public and private spending, alongside a rebound in export demand. GDP rose 0.6% quarter-on-quarter, surpassing expectations of 0.5% and improving from 0.3% in the prior quarter, according to the Australian Bureau of Statistics. Annual GDP growth reached 1.3%, exceeding forecasts of 1.2% and significantly up from the previous quarter’s 0.8%.
Economic growth was fueled by robust public and private investment, while a recovery in Australia’s terms of trade supported expansion. Exports rebounded, particularly in the services sector, though commodity exports remained weak due to sluggish Chinese demand.
The stronger-than-expected growth follows a series of positive economic indicators, reinforcing the economy’s resilience. Despite inflation cooling, the Reserve Bank of Australia (RBA) maintains high interest rates as inflation remains sticky. However, in February, the RBA made its first rate cut in nearly five years, citing risks from a global trade slowdown and signs of softening domestic growth.
Looking ahead, the central bank emphasized that future rate decisions depend on the trajectory of inflation and economic performance. While growth momentum remains strong, policymakers will closely monitor global trade risks and domestic spending trends.
Australia’s Q4 GDP data suggests a stable economic outlook, with solid investment and trade performance supporting expansion. However, the RBA’s monetary policy approach will be crucial in navigating potential headwinds in 2024.
