Australia’s economy grew 0.6% qoq in Q2, beating expectations of 0.5% qoq and expanding 1.8% yoy from a year earlier. The Australian Bureau of Statistics noted that growth rebounded after weather disruptions depressed activity in Q1. GDP per capita also rose 0.2% qoq, reversing the decline recorded in the March quarter.
Domestic final demand was the key driver, supported by a 0.9% qoq rise in household spending and a 1.0% qoq increase in government consumption. Public investment detracted from growth, but private demand proved resilient.
Net trade added 0.1 percentage points to GDP, driven by a rebound in exports of iron ore and LNG as production normalized after severe weather disruptions earlier in the year.
