Australian Economic and Real Estate Trends Q2 2024

Australia’s economy continues to slow as the year progresses, falling below the average growth rate of advanced economies for the first time since 2021. GDP growth slowed to 1.1% year-on-year as at March 2024, while advanced economies recorded 1.7% growth.

Looking ahead, it is expected that economic growth will continue to remain below the long-term trend over the second half of 2024 and into 2025, with factors such as still-elevated cost-of-living pressures and impact of higher interest rates continuing to weigh on overall consumption patterns. Nevertheless, Australia’s economic growth prospects remain positive relative to other advanced economies over the medium to long term.