A report released by the Australian Bureau of Statistics on the 24th indicated that Australia’s GDP is expected to grow by 1.4% in fiscal year 2024-2025, the same growth rate as the previous fiscal year, but lower than the 3.6% growth in fiscal year 2022-2023 and the 4.3% growth in fiscal year 2021-2022.
At current prices, Australia’s GDP growth is expected to reach 3.7% in fiscal year 2024-2025, down from 4% in fiscal year 2023-2024 and 10.3% in fiscal year 2022-2023.
The report shows that Australia’s per capita GDP continued to decline by 0.3%, continuing the 1% decline in fiscal year 2023-2024, but the decline has narrowed.
In terms of labor productivity, Australia’s GDP per hour worked will decrease by 0.7% in fiscal year 2024-2025, compared with a 0.1% increase in the previous fiscal year; real unit labor costs will increase by 2.2%, lower than the 3.6% increase in the previous fiscal year. In addition, the country’s household savings rate rose to 6.1% from 3% in the previous fiscal year. National net savings reached approximately A$114.2 billion (approximately RMB 529.728 billion), down from A$137.3 billion in the 2023-2024 fiscal year. National net wealth reached approximately A$21.4 trillion, up from A$20.6 trillion in the previous fiscal year.