
Australia’s economy grew by 0.2% in Q2 2024, which is in line with the previous quarter’s upwardly revised 0.2% growth but missed market estimates of a 0.3% uptick.
Link to Australian Bureau of Statistics (ABS) Q2 2024 GDP report
The report detailed:
- Domestic final demand contributed 0.2% to GDP
- Government expenditure, driven by social benefits to households, added 0.3% to GDP
- Net trading activities contributed 0.2% to GDP thanks to higher exports (+0.5%) and lower imports (-0.2%)
- Household consumption due to reduced discretionary spending subtracted 0.1% from GDP
- Inventory changes detracted 0.3% from GDP
- Investment had no contribution to growth
On an annual basis, GDP had slowed down from 1.1% to 1.0% in the second quarter. In fact, word around is that the economy would’ve stagnated if not for increased government spending due to extended household benefits. Yipes!
Australian dollar vs. Major Currencies: 5-min

Overlay of AUD vs. Major Currencies Chart by TradingView
The Australian dollar, which tracked Wall Street’s selloff at the start of the Asian session, extended a short pullback at the report’s release.
However, the weak details of the report soon took their toll and the Aussie dropped to near its intraday lows.
The comdoll is still in the red across the board, with the biggest losses seen against CHF, CAD, and EUR and the least losses seen against NZD, JPY, and GBP.