June 2024 Australian Economy: Historical Data, Definitions and Borrower Context
On 4 September 2024, the Australian Bureau of Statistics (ABS) released its national accounts data for the June quarter 2024. The figures painted a nuanced picture of an economy that continued to grow in aggregate terms while households faced mounting pressure. This article, authored by Mary Nebotakis, Managing Director of Natloans (B. Eco, Dip. Financial Services) and published on 6 September 2024, summarises the key findings from that release and their broader context for borrowers and those making financial decisions.
This is a historical Natloans commentary, published 6 September 2024 and modified 3 September 2025. The figures below preserve its June-quarter 2024 context. The ABS’s 4 September 2024 nine-insights summary brings together national accounts, inflation, wage and labour statistics; they are not all from one national-accounts series. A later revision or today’s economic conditions may differ.
GDP Growth: Modest Expansion, Declining Per Capita Performance
Australia's gross domestic product (GDP) grew by 0.2% in the June quarter 2024, bringing annual growth for the 2023–24 financial year to 1.5%. While this represented the eleventh consecutive quarter of GDP growth — a sign of continued economic expansion — it also coincided with the sixth straight quarter of falling GDP per capita.
GDP per capita fell 1.0% on a financial-year basis in this historical summary. This is distinct from the June-2023-to-June-2024 comparison, for which the national accounts reported a 1.5% fall. Aggregate GDP growth of 1.5% likewise compares the 2023–24 and 2022–23 financial years; the year-ended June-quarter aggregate growth was 1.0%. Keep financial-year averages and year-ended quarterly comparisons separate. GDP per capita adjusts total output for population; it is not an individual household’s income.
Inflation: Mixed Signals from Headline and Underlying Measures
The inflation picture in the June quarter 2024 was characterised by diverging signals between headline and underlying measures.
| Inflation Measure |
June Quarter 2024 Movement |
Annual Figure |
| Consumer Price Index (CPI) — headline |
+1.0% for the quarter |
3.8% annually — first annual increase since December 2022 |
| Trimmed-mean (underlying) inflation |
Continued to ease |
Declining trend, suggesting some moderation in core price pressures |
The source identifies new dwellings, fuel, fruit and vegetables among rising goods prices. Falling annual trimmed-mean inflation means the rate of price growth eased, not that the overall price level fell. A trimmed mean removes the largest and smallest component price movements for the period; it is not a permanent exclusion of a fixed list of volatile goods.
Wage Growth: Rising but Slowing
Wages continued to grow in the June quarter 2024, though the pace of growth was easing.
- The Wage Price Index rose by 0.8% in the June quarter and by 4.1% over the year to June 2024.
- Private sector wages increased by 0.7% for the quarter — equal to the lowest quarterly rise recorded since December 2021.
These figures indicated that while workers were still receiving wage increases in nominal terms, the momentum behind those increases was slowing. This reflected broader conditions in the labour market at the time of publication.
Labour Market: Tight Conditions with Early Signs of Softening
The labour market remained relatively tight by historical standards, but there were early indications of easing.
- The unemployment rate rose to 4.1% in June 2024, up slightly from the March quarter figure.
- Total hours worked increased by 1.1% during the quarter, though this was below the growth recorded in the June quarter of 2023.
Employment remained strong overall, but the rate of expansion in hours worked and the slight uptick in unemployment suggested that the labour market was no longer tightening further as at the date of the ABS release.
Household Spending and Savings: Pressure on Consumers
Household finances showed clear signs of strain in the June quarter 2024.
Spending
- Household spending fell by 0.2% in the June quarter, reversing the 0.6% rise recorded in the March quarter.
- Discretionary spending — particularly on events and travel — was cut back.
- Spending on essentials including food declined by 1.0%, reflecting consumer efforts to reduce grocery bills in the face of rising costs.
Savings
- The household savings rate stood at just 0.9% of income over the year — the lowest rate recorded since 2006–07.
- This is an aggregate annual household saving ratio, not the share saved by every household or a recommendation for a personal budget. It is distinct from the June-quarter saving ratio of 0.6% shown in the national-accounts release. The source associates lower savings with income growing more slowly than spending.
Government Spending and Trade
Government Contribution
Commonwealth government spending, specifically, contributed 0.2 percentage points to June-quarter growth in the ABS overview. Natloans relates this to household benefits and expanding health programs. Do not relabel this as the contribution of all levels of government; the detailed national-accounts expenditure table reports general-government consumption contributing 0.3 percentage points.
Trade
- Exports rose by 0.5%, led by a strong recovery in travel services, which surged by 9.9%.
- Imports fell by 0.2%.
- Despite these positive trade movements, a decline in bulk commodity prices and increased payments to non-residents resulted in the largest current account deficit since June 2018.
Capital Investment: A Weak Quarter
Total capital investment fell by 0.1% in the June quarter 2024. Business investment in new machinery and equipment declined by 1.6%, with the agriculture and retail sectors particularly affected. Despite this quarterly weakness, business expectations at the time indicated that capital investment may rise moderately in the following financial year.
Summary: Key Data Points at a Glance
| Indicator |
June Quarter 2024 Result |
| GDP growth (quarter) |
+0.2% |
| GDP growth (annual, 2023–24) |
+1.5% |
| GDP per capita (financial-year comparison) |
−1.0% |
| CPI — headline (quarter) |
+1.0% |
| CPI — headline (annual) |
3.8% |
| Wage Price Index (quarter) |
+0.8% |
| Wage Price Index (annual) |
+4.1% |
| Unemployment rate (June 2024) |
4.1% |
| Hours worked (quarter) |
+1.1% |
| Household spending (quarter) |
−0.2% |
| Household saving ratio (financial year) |
0.9% — lowest since 2006–07 |
| Exports (quarter) |
+0.5% |
| Travel services exports (quarter) |
+9.9% |
| Imports (quarter) |
−0.2% |
| Business investment — machinery & equipment |
−1.6% |
| Total capital investment (quarter) |
−0.1% |
These figures preserve Natloans’ historical summary of multiple ABS series. The primary overview and national-accounts release use different periods and scopes for some measures; use the definitions above. They are not current indicators or a forecast.
What This Economic Picture Meant for Borrowers
The combination of modest GDP growth, elevated but moderating inflation, slowing wage momentum, low household savings and weak capital investment created a complex environment for anyone considering refinancing, purchasing a home or exploring investment opportunities as at mid-2024. Rising costs of living alongside constrained savings meant that financial decisions required careful consideration of individual circumstances.
Natloans noted at the time of publication that understanding these economic dynamics is important for making informed financial decisions. Whether you are looking to refinance an existing loan, purchase a property or explore investment options, speaking with a knowledgeable finance professional can help you assess how the broader economic environment affects your specific situation.
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Frequently Asked Questions
What does this Natloans article discuss?
The article discusses June-quarter 2024 economic data published by the ABS on 4 September 2024, and the possible implications of those figures for borrowers and those making financial decisions. It covers GDP growth, inflation, wages, the labour market, household spending and savings, government spending, trade and capital investment. It is general commentary in the context of its publication date and does not constitute personal financial advice. Source
Is this article a current quote or eligibility assessment?
No. This article was published on 6 September 2024 and reflects economic data and commentary available at that time. It is general information in that dated context. Economic conditions, interest rates, lending criteria and eligibility requirements change frequently. You should confirm current costs, conditions and eligibility for your own circumstances with Natloans or a qualified adviser before relying on any figures or commentary contained here. Source
What was Australia's GDP growth rate in the June quarter 2024?
According to the ABS data reported in this article (published 6 September 2024), Australia's GDP grew by 0.2% in the June quarter 2024, contributing to annual growth of 1.5% for the 2023–24 financial year. These are historical figures and do not represent current economic conditions.
What was the household savings rate as reported in the June quarter 2024 data?
The source’s 0.9% is an annual financial-year household saving ratio, described as the lowest since 2006–07. It is not the June-quarter ratio, which the original national accounts recorded as 0.6%, or an individual’s savings rate.
What happened to inflation in the June quarter 2024?
The headline CPI rose by 1.0% for the quarter, pushing annual inflation to 3.8% — the first annual increase since December 2022. At the same time, underlying (trimmed-mean) inflation continued to ease, suggesting some moderation in core price pressures. Items recording price increases included new dwellings, fuel, and fresh produce. These are historical figures from the period covered by the article.
How did trade perform in the June quarter 2024?
Exports rose by 0.5%, with travel services recording a particularly strong 9.9% increase. Imports fell by 0.2%. However, a decline in bulk commodity prices and higher payments to non-residents resulted in the largest current account deficit since June 2018, as reported in the ABS data summarised in this article.
Where can I get current information about how economic conditions affect my borrowing options?
For current information relevant to your circumstances, contact Natloans directly. The figures in this article are historical, drawn from ABS data released in September 2024, and economic and lending conditions will have changed since then. Natloans can assist with refinancing, home purchase and investment finance enquiries.
Source Reference
Original publisher: Mary Nebotakis, Managing Director, Natloans (B. Eco, Dip. Financial Services), 6 September 2024 article, modified 3 September 2025. Primary context checked 15 October 2026: ABS nine-insights overview, June 2024 national accounts, release notes defining annual financial-year comparisons and June 2024 CPI. These archived releases establish historical context, not today’s figures.
Using economic information in a loan discussion
| Historical signal | Borrower-specific question |
|---|
| Spending and savings pressure | What are your current actual expenses, regular repayments and available cash buffer? |
| Wages and employment | What income can be documented now, and how variable is it? An economy-wide wage index is not your pay rise. |
| Inflation and rates | What rate and repayment apply to your actual loan, and what happens under a higher-cost scenario? |
| Business investment and trade | Does your own cash-flow forecast support the proposed borrowing under realistic costs and demand? |
| Refinance or property purchase | Compare current offers, remaining term, fees, security and approval conditions. Historical GDP growth cannot establish eligibility, property growth or a saving. |
This editorial checklist adds practical questions to the source. It does not imply that Natloans has assessed a particular applicant, that aggregate statistics apply to every household, or that the 2024 investment expectations subsequently occurred.
