We’re purchasing EVs instead of holidaying in Europe – and what else we learned from Australia’s national accounts
Australia's latest national accounts show modest economic growth of 0.4% for the quarter, driven largely by consumer spending on electric vehicles and hybrids. While the economy remains resilient, officials warn of ongoing challenges including inflation, productivity issues, and global volatility.
Why it matters
The data provides a critical pulse check on the Australian economy, illustrating how consumer behavior and global shocks are shaping national financial health.
Record sales of EVs and hybrids bolstered spending in the quarter, the ABS said, accounting for three-quarters of the 0.4% quarterly growth in consumption. Photograph: Con Chronis/AAP Record sales of EVs and hybrids bolstered spending in the quarter, the ABS said, accounting for three-quarters of the 0.4% quarterly growth in consumption. Photograph: Con Chronis/AAP Australian economy We’re purchasing EVs instead of holidaying in Europe – and what else we learned from Australia’s national accounts ABS’s snapshot of Australia’s accounts shows economic growth – albeit low – in the face ‘challenging international circumstances’
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Prefer the Guardian on Google The Australian Bureau of Statistics released its latest set of national accounts, which give us a snapshot of how the economy is performing in the quarter, and what’s happening under the hood.
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