Australia GDP Gains 0.3% On Quarter In Q3

RTTNews | 32 days ago
Australia GDP Gains 0.3% On Quarter In Q3

(RTTNews) - Australia's gross domestic product expanded a seasonally adjusted 0.3 percent on quarter in the third quarter of 2024, the Australian Bureau of Statistics said on Wednesday.

That missed expectations for an increase of 0.5 percent, although it was up from 0.2 percent in the previous three months.

On an annualized basis, GDO was up 0.8 percent - again missing forecasts for a gain of 1.1 percent and down from 1.0 percent in the three months prior.

Nominal GDP rose 0.4 percent. The GDP implicit price deflator (IPD) rose 0.1 percent, as a rise in the domestic final demand deflator (+0.7 percent) was partly offset by a fall in the terms of trade (-2.5 percent). High construction prices and skilled labor shortages kept domestic prices elevated, although the rate of price growth has gradually slowed.

The terms of trade fell due to lower export prices (-2.6 percent), the third consecutive quarterly fall. Weakness in global bulk commodity prices was driven by a fall in demand, particularly from China for metallurgical coal and iron ore for steel manufacturing. Import prices (-0.1 percent) also fell, in line with lower oil prices.

read more
RBA Minutes: Australia GDP Remains Softer Than Expected

RBA Minutes: Australia GDP Remains Softer Than Expected

Members of the Reserve Bank of Australia's Monetary Policy Board said that the country's gross domestic product continues to be subdued and is softer than expected, minutes from the central bank's December 9-10 meeting revealed on Tuesday.
RTTNews | 12 days ago
Australia Budget To Slip Into Deficit In 2024-25

Australia Budget To Slip Into Deficit In 2024-25

Australia's budget is forecast to slip into deficit in 2024-25 after recording back-to-back surpluses for the first time in almost two decades, Treasurer Jim Chalmers said Wednesday. In the latest Mid-Year Economic and Fiscal Outlook, the government projected a deficit of A$26.9 billion for 2024-25. However, this was A$1.3 billion smaller than projected in the budget.
RTTNews | 18 days ago
Australia Central Bank Keeps Rate Unchanged As Expected

Australia Central Bank Keeps Rate Unchanged As Expected

Australia central bank left its key interest rate unchanged for the ninth straight session on Tuesday but today's statement lifted hopes of an early interest rate cut. The policy board of the Reserve Bank of Australia governed by Michele Bullock decided to retain the cash rate target at a 13-year high of 4.35 percent. The decision matched expectations.
RTTNews | 26 days ago
Australia Services Sector Slows In November - Judo

Australia Services Sector Slows In November - Judo

The services sector in Australia continued to expand in November, albeit at a lower pace, the latest survey from Judo Bank revealed on Wednesday with a services PMI score of 50.5.
RTTNews | 32 days ago