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AUSTRALIA DATA: Public Capex Growth Contribution To Rise In Q3

AUSTRALIA DATA
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In the Q3 government finance statistics, real public demand grew 2.4% q/q after 0.9% in Q2. It is expected to contribute 0.7pp to GDP released on Wednesday. The increase was driven by state & local government expenditure and public GFCF. The current Q2 contribution from public demand is 0.4pp but it may be revised in the national accounts.

  • Final government expenditure was steady contributing 0.3pp to growth in Q3, while GFCF rose to 0.4pp.
  • The general government net operating balance deteriorated to a deficit of $18.3bn, the worst since the pandemic, from a surplus of $14.4bn in Q2 and a deficit of $9.8bn in Q3 2023. The deterioration was driven by a 17.3% q/q drop in tax revenue, while expenditure fell 2.1%.
  • General government net borrowing rose to $30.2bn from $6.3bn in Q2 and $21.8bn in Q3 last year.

Australia general government balance A$bn

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In the Q3 government finance statistics, real public demand grew 2.4% q/q after 0.9% in Q2. It is expected to contribute 0.7pp to GDP released on Wednesday. The increase was driven by state & local government expenditure and public GFCF. The current Q2 contribution from public demand is 0.4pp but it may be revised in the national accounts.

  • Final government expenditure was steady contributing 0.3pp to growth in Q3, while GFCF rose to 0.4pp.
  • The general government net operating balance deteriorated to a deficit of $18.3bn, the worst since the pandemic, from a surplus of $14.4bn in Q2 and a deficit of $9.8bn in Q3 2023. The deterioration was driven by a 17.3% q/q drop in tax revenue, while expenditure fell 2.1%.
  • General government net borrowing rose to $30.2bn from $6.3bn in Q2 and $21.8bn in Q3 last year.

Australia general government balance A$bn

Keep reading...Show less