The Australian Bureau of Statistics has released ten facts about the Australian economy in the September quarter 2024.

1. Our lowest annual economic growth since 2020. The economy grew 0.3 per cent in the September quarter 2024, and 0.8 per compared to September 2023. This was the lowest annual[1] growth rate since the December quarter 2020. 
2. Inflation was the lowest since 2021. Annual inflation fell to its lowest rate since the March quarter 2021. The Consumer Price Index (CPI), rose 0.2 per cent in the September quarter and was only up 2.8 per cent compared to the September quarter 2023. Annual goods inflation dropped sharply to 1.4 per cent, with significant falls in both electricity[2] and automotive fuel prices. Annual services inflation remained high at 4.6 per cent as rent and insurance prices continued to rise. 
3. Wages slowed. Annual wages, as measured by the Wage Price Index (WPI) was 3.5 per cent. This was the first time the WPI fell below 4.0 per cent since the June quarter 2023. Wage rises for many jobs this quarter were linked to the outcomes of the Fair Work Commission Annual Wage Review decision. The latest decision for a 3.75 per cent wage increase paid from 1 July 2024 was lower than the increase of 5.75 per cent awarded in 2023. 
4. Employment remained strong. The labour market remained tight, with a low unemployment rate and high levels of employment and participation. While job vacancies continued to decline, demand for labour remained high, with large number of people continuing to find work.
5. Electricity rebates and warm weather reduced electricity and gas household expenditure. Another round of electricity bill relief rebates, including the commonwealth electricity bill relief fund helped household budgets this quarter September. This followed the rollout of other electricity bill relief packages in September quarters 2022 and 2023. The rebates 2 drove a 1.4 per cent increase in general government expenditure and, when paired with the unseasonably warm end to winter, supported a 16.7 per cent fall in electricity and gas expenditure.  
6. Households took home more pay. The implementation of the federal government stage 3 tax cuts saw a 3.8 per cent fall in income tax paid by households. This contributed to the 1.5 per cent increase in household disposable income and the increase in the household saving ratio to 3.2 per cent.
7. Level of public investment was the highest on record. Public investment rose 6.3 per cent, led by higher defence investment. State and local investment was also strong with both the general government and public non-financial corporations sectors investing in the three R's (roads, rail and renewables), plus major health projects. 
8. Business investment levels remained elevated. Despite falling 0.6 per cent in the September quarter, private business investment remained high. This quarter and the previous five quarters saw the level of investment (in real terms) being greater than $75b per quarter. Investment during the quarter was driven by machinery and equipment and computer software. The last time we saw sustained levels of investment this high was during the mining construction boom between 2012 and 2014. 
9. We searched for sun, sports and slopes. Travel services imports rose 9.9 per cent in the quarter as Aussies spent more time abroad. The number of residents going on short-term travel rose, with the biggest contribution coming from holiday makers. Destinations were varied as people chased the summer sun in Asia or Olympic fever in Europe, while others preferred to hit the slopes in New Zealand.
10. Our current account deficit continued. Australia’s net primary income deficit fell to its smallest level since September quarter 2021, with an offsetting fall in the trade balance. This reflected the continuing fall in Australia's terms of trade and led to the sixth current account deficit in a row. 

[1] Annual growth refers to through the year. This refers to growth between one quarter and the corresponding quarter the year after. For example, growth between December 2019 and December 2020.

[2] For more information on the different treatments of economic policies between CPI and the National Accounts please see: