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

As part of the NSW Government plan to develop regional economies in NSW, the Minister for Regional NSW Tara Moriarty has today launched the NSW Government’s Seaweed Prospectus, which forecasts a potential $2.3 billion boost to the NSW economy through the growth of seaweed-related industries.The prospectus outlines the opportunities available for investors in NSW to tap into the fast-growing seaweed industry.With the State’s ready access to seawater, saline groundwater, abundant land, and skilled labour, economic modelling has shown NSW has the capacity to produce two million tonnes of seaweed each year by 2030, adding an estimated $2.3 billion to the NSW economy.This production capacity could help meet growing demand in the global market for seaweed-derived products such as pet food, nutraceuticals, bioplastics, and methane-reducing supplements.It is estimated the global market for seaweed-derived products could be worth an additional $16 billion by 2030, with NSW in a position to claim up to 14 percent of the market.Of the 1,500 native Australian seaweed species, 230 grow in NSW. This includes key species Ulva spp, Ecklonia radiata, and Asparagopsis. Despite Australia boasting 15 percent of global seaweed species, we currently import some A$40 million of seaweed products.The prospectus highlights the key opportunities for investment in the sector including:Cultivation of seaweed, including co-location with existing aquaculture systems and using nutrient-rich waste streams from food processing and wastewater treatment facilities.Processing and manufacturing value-added seaweed products such as cosmetics, pharmaceuticals, biofertilizer.Leveraging the State’s research and development capacity with partnerships with leading universities and research institutions developing new and emerging seaweed applications and cultivation practices.Minister Moriarty launched the prospectus in Huskisson at PhycoHealth, a South Coast business that specialises in sustainable seaweed products, during a three-day NSW Government-led trade mission beginning in the region today.Consuls-General from 13 countries are exploring the region’s progressive aquaculture, food and beverage, manufacturing, tourism and clean tech industries as part of the NSW Government’s Regional Investment Activation Program, which aims to drive growth, create jobs, and promote investment in regional NSW.The Seaweed Prospectus is a key deliverable under the NSW Government’s recently released Aquaculture Vision Statement.To view the Seaweed Investment Prospectus, go to: Investregional.nsw.gov.au/seaweed.Minister for Regional NSW, Tara Moriarty said, “The South Coast trade mission has been a great opportunity to roll out the welcome mat to global markets and launch the NSW Government’s Seaweed Prospectus in a region that is already leading the way with its thriving aquaculture industry.“Regional NSW has a lucrative opportunity to celebrate our natural resources, get ahead of the game and cultivate a strong state economy, and I am proud that this Seaweed Prospectus may help open doors to new investment opportunities.”Minister for Industry and Trade, Anoulack Chanthivong said, “With the market for seaweed related products creating a potential $2.3 billion boost to the NSW economy, the Minns Labor Government is ready to capitalise on NSW’s abundant natural seaweed resources.“NSW is fortunate to grow 230 of the 1500 native Australian seaweed species, which places us in a great position to be an important player in the global seaweed product market which is forecast to be worth an additional $16 billion by 2030.“The Minns Labor Government is focused on diversifying our international trade offerings, and the Seaweed Prospectus will provide a platform to supercharge a rich potential trade stream for NSW industry.”PhycoHealth Founder, Dr Pia Winberg said, “With an estimated $1 billion in sustainable innovation and enterprise from seaweed alone on NSW's doorstep, the opportunity for Australia to lead the way in aquaculture and sustainability is immense."We are proud to be one of the leading aquaculture ventures in New South Wales, working alongside other remarkable initiatives, such as the largest shellfish industry in Australia and oyster and mussel leases dotting the state's coastline."Seeing the government acknowledge the importance of what we are building here makes our work all the more meaningful."