Australian National Accounts: National Income, Expenditure and Product

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Quarterly estimates of key economic flows in Australia, including gross domestic product (GDP), consumption, investment, income and saving

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Reference period
March 2025
Released
4/06/2025
  • Next Release 3/09/2025
    Australian National Accounts: National Income, Expenditure and Product, June 2025
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    Australian National Accounts: National Income, Expenditure and Product, September 2025
  • Next Release 4/03/2026
    Australian National Accounts: National Income, Expenditure and Product, December 2025
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Key statistics

  • The Australian economy rose 0.2% in seasonally adjusted chain volume measures.
  • In nominal terms, GDP rose 1.4%.
  • The terms of trade rose 0.1%.
  • Household saving to income ratio rose to 5.2% from 3.9%. 

Non-market labour productivity

The ABS will commence publishing estimates of labour productivity for the total non-market sector in the June quarter 2025 publication. This will change the layout of two data tables. The March quarter 2025 release contains a preview of changes to affected publication tables, 1. Key National Accounts Aggregates and 34. Key Aggregates and analytical series, Annual, so that users can prepare their download processes in advance. 

For a variety of conceptual and practical reasons, this is a challenging part of the economy to measure. For more detail on the non-market sector and to preview the changes, see Revisions and changes.

Economic overview

Unless otherwise stated all figures are in seasonally adjusted, chain volume measures.

The reference year for chain volume measures is 2022-23.

March quarter key figures, percentage changes (a)
 Dec 23 to Mar 24Mar 24 to Jun 24Jun 24 to Sep 24Sep 24 to Dec 24Dec 24 to Mar 25Through the year, Mar 24 to Mar 25
Chain volume measures (b) 
 GDP0.10.20.30.60.21.3
 GDP per capita (c)-0.4-0.2-0.10.1-0.2-0.4
 Gross value added market sector (d)-0.10.3-0.40.20.9
 Real net national disposable income--1.20.50.40.60.2
Productivity 
 GDP per hour worked0.1-0.6-0.4---1.0
 Real unit labour costs-0.61.50.70.6-0.32.6
Prices 
 GDP chain price index (original)0.9-0.8-0.21.40.50.9
 Terms of trade-0.5-3.4-2.41.60.1-4.1
Current price measures 
 GDP1.30.30.51.51.43.7
 Household saving ratio2.72.43.73.95.2na

- nil or rounded to zero 
na not available 
a. Change on preceding quarter; last column shows the change between the current quarter and the corresponding quarter of the previous year. 
b. Reference year for chain volume measures and real income measures is 2022-23. 
c. Population estimates are as published in National, state and territory population and ABS projections. 
d. ANZSIC divisions A to N, R and S. See Glossary - Market sector. 
 

Australian economy grew 0.2% in the March quarter 2025

Gross Domestic Product (GDP) rose 0.2% this quarter and by 1.3% since March 2024. GDP growth moderated in the March quarter as the public sector recorded the strongest detraction from growth since September quarter 2017. Extreme weather events further dampened domestic demand and reduced exports. Weather impacts were particularly evident in mining, tourism and shipping. 

Prices continue to grow

Nominal GDP rose 1.4%. The GDP implicit price deflator (IPD) rose 1.2%, reflecting a rise in the domestic final demand deflator (+0.7%) combined with a modest rise in the terms of trade (+0.1%). Higher domestic prices resulted from continued increases in labour costs across both the public and private sectors. Increased prices for services including health, education and rent contributed to the rise. Fuel prices also increased strongly this quarter, impacting broadly across domestic final demand. 

The terms of trade rose modestly as the increase in export prices (+2.7%) was met with increased import prices (+2.6%). Export prices rose, led by higher iron ore prices in line with continued Chinese demand and weather-related supply disruptions. Non-monetary gold and rural goods' prices also increased, due to strong global demand. Coal prices declined further during the quarter offsetting the rise. Import prices rose in line with the depreciation of the Australian Dollar. Capital and intermediate goods recorded increases in prices while consumption goods were flat, driven by a decline in prices for motor vehicles and medicines due to annual reviews.

Public demand detracts from growth

Domestic final demand contributed 0.2 percentage points to GDP growth.

Private demand led the contributions to growth through household consumption (+0.2ppt) and private investment (+0.1ppt). The public sector detracted from growth through public investment (-0.1ppt), while there was no growth from government expenditure. 

Net trade detracted 0.1 percentage points from GDP growth, attributable to reduced exports of goods and services (-0.8%), partly offset by a fall in imports (-0.4%).

Changes in inventories contributed 0.1ppt to GDP growth. Mining saw a large build up as reduced export demand and port closures due to severe weather resulted in delayed shipments. Manufacturing inventories saw a build-up with increased production of gold, steel and alumina. Public authorities inventories experienced a draw-down in line with increased exports of non-monetary gold.

Government spending flattened

There was no growth in Government consumption after nine consecutive quarters of growth. State and local government expenditure (-0.3%) fell with reduced electricity rebate payments to households across most jurisdictions. National government expenditure (+0.3%) continued to moderate as spending on social benefits programs such as the Medicare Benefits Scheme (MBS) and the National Disability Insurance Scheme (NDIS) fell, while defence spending continued to grow steadily. 

Household consumption continued to grow

Household consumption grew 0.4%. 

Essential spending rose 0.4%, led by a strong rise in electricity, gas, and other fuel (+10.2%) from increased demand for electricity usage due to warmer than average summer conditions as well as reduced electricity bill relief payments to households. Electricity rebates are treated as a shift from household to government expenditure in the national accounts. Food rose 0.8% as supermarket disruptions seen in the December 2024 quarter normalised, and Queensland households stockpiled essentials in preparation for Ex-Tropical Cyclone Alfred. Discretionary spending was relatively slow (+0.3%), following stronger than usual retail sales in the December quarter. There was an increase in purchases of vehicles and recreation and culture also showed strength (+1.0%) with high attendance at various large-scale sporting and music events.

Private investment rises while public investment falls

Private investment (+0.7%) contributed 0.1ppt to GDP growth, as dwelling investment increased (+2.6%) seen across houses and alterations and additions in line with recent increases in approvals. Non-dwelling construction (+1.3%) also rose led by mining and electricity projects, while investment in machinery and equipment (-1.7%) fell with weakness in IT equipment. 

Public investment (-2.0%) detracted 0.1ppt from GDP growth, however remained at elevated levels. Both State and local public corporations and State and local general government contributed to the fall as several major projects across energy, road, rail, health and education approached completion or experienced delays.

Net trade detracted from growth

Net trade detracted 0.1ppt from GDP growth as a fall in exports (-0.8%) was only partly offset by a fall in imports (-0.4%).

Exports of services (-3.0%) led this fall, with a lower than average increase in international student numbers and reduced spending per student leading to a decline in travel services exports. Exports of goods (-0.3%) fell led by coal and liquefied natural gas (LNG) exports as production and shipments faced disruptions from bad weather conditions. Export demand for coal was also weak due to high portside inventories in China and weaker demand for steel manufacturing from Japan. The falls were partly offset by a large increase in non-monetary gold exports.

The fall in imports was seen across both goods (-0.3%) and services (-0.8%). Capital goods led the fall coming off higher imports in previous quarters. Travel services also contributed to the fall as Australian travellers continued to choose closer and cheaper travel destinations. 

Goods production impacted by severe weather conditions

Gross value added (GVA) rose 0.2%, with rises in 13 out of 19 industries.

Agriculture, Forestry and Fishing (+4.3%) continued to rise with ongoing strength in livestock production to meet export demand, particularly from the United States. Grain production experienced a smaller than usual rise as wet weather impacted summer crop planting in Queensland.

Mining (-2.0%) production declined with falls across all major commodities including coal, iron ore, and oil and gas as adverse weather conditions from cyclones in Queensland and Western Australia led to lower than usual production. 

Services industries including Construction (+0.8%), Information Media and Telecommunications (+2.1%) and Administrative and Support Services (+1.9%) were the main contributors to the rise. 

Construction rose in line with increased private investment activity across residential and non-residential construction. Information Media and Telecommunications rose from strength seen in broadcasting, advertising and other digital services. Administrative and Support Services rose with increased activity across tourism, travel and recruitment agencies.

Non-mining industry led the increase in profits

Gross operating surplus (GOS) increased 1.1%. 

Private non-financial corporations GOS rose 0.6%, driven by non-mining industries including Manufacturing, Construction and Information Media and Telecommunications, which experienced higher sales and lower operating costs. 

Mining profits declined, largely driven by price falls across both coal and LNG due to weak export demand and global over supply. Iron ore prices partly offset the fall due to increased demand from China.

Financial corporations GOS rose 1.9% as loan and deposit balances continued to grow throughout the March quarter. An increase in bank margins further contributed to a rise in GOS, as banks lowered interest rates more for deposit than loan products, for both households and businesses. 

Dwellings owned by persons GOS increased 1.6%, reflecting rent increases due to population growth and low vacancy rates. 

Compensation of employees continued to rise

Compensation of employees (COE) increased 1.5%. 

Labour market conditions remained tight as the unemployment rate (4.1%) showed little change by the end of March. Hours worked (+0.3%) saw a softer rise as severe weather conditions caused temporary business closures in Queensland.   

Private COE (+1.7%) led the rise, with increases in bonuses, headcounts and wages seen across industries including Health Care and Social Assistance, Professional, Scientific and Technical services, and Financial and Insurance services. Public COE (+1.0%) further contributed to the rise as state and local government implemented pay rises for police, healthcare workers and teachers. 

Household saving ratio increased

The household saving to income ratio rose to 5.2%, as growth in gross disposable income outpaced growth in nominal household consumption. 

The rise in gross disposable income (+$9.9b) resulted from strength in gross income (+$11.5b) relative to income payable (+$1.7b). While compensation of employees remained the main source of gross income, social assistance benefits and non-life insurance claims emerged as top contributors in response to cyclone and flood damage to households in Queensland and New South Wales. Income payable showed relative weakness as dwelling interest payable fell for the first time since March quarter 2022. This was in line with the lowering of interest rates during the quarter.

Nominal household final consumption expenditure (+$3.7b) detracted from household saving with increases in both volumes and prices. 

Expenditure

Expenditure on GDP
 Dec 24 to Mar 25
(% change)		Mar 24 to Mar 25
(% change)		Dec 24 to Mar 25
(ppt contribution to GDP growth)
Final consumption expenditure 
 General government-3.4-
 Households0.40.70.2
 Total final consumption expenditure0.21.60.2
Gross fixed capital formation 
 Private 
  Dwellings2.65.60.1
  Ownership transfer costs-1.32.4-
  Non-dwelling construction1.31.40.1
  Machinery and equipment-1.7-3.7-0.1
  Cultivated biological resources-2.6-9.9-
  Intellectual property products0.97.9-
 Public-2.05.1-0.1
 Total gross fixed capital formation0.12.9-
Changes in inventoriesnana0.1
Gross national expenditure0.31.60.3
Exports of goods and services-0.8-0.2-0.2
Imports of goods and services-0.40.40.1
Statistical discrepancy (E)nana-
Gross domestic product0.21.30.2

- nil or rounded to zero (including null cells) 
na not available 
 

Final consumption expenditure (FCE) 0.2%

Gross fixed capital formation (GFCF) 0.7%

Changes in inventories

Exports and imports of goods and services

Income

Income estimates are in seasonally adjusted current prices

Income from GDP
 Dec 24 to Mar 25
(% change)		Mar 24 to Mar 25
(% change)		Dec 24 to Mar 25
(ppt contribution to GDP growth)
Compensation of employees1.56.50.7
Gross operating surplus 
 Private non-financial corporations0.6-5.70.1
 Other (a)1.78.00.3
Gross mixed income3.25.40.2
Taxes less subsidies on production and imports0.34.3-
Statistical discrepancy (I)nana-
Gross domestic product1.43.71.4

- nil or rounded to zero (including null cells) 
na not available 
a. Includes Public non-financial corporations, Financial corporations, General government and Dwellings owned by persons. 

 

Compensation of employees (COE) 1.5%

Gross operating surplus (GOS) 1.1%

Taxes less subsidies on production and imports 0.3%

Production

Industry gross value added
 Dec 24 to Mar 25
(% change)		Mar 24 to Mar 25
(% change)		Dec 24 to Mar 25
(ppt contribution to GDP growth)
Agriculture, Forestry and Fishing4.317.80.1
Mining-2.0-4.8-0.3
Manufacturing-0.7-2.6-
Electricity, Gas, Water and Waste Services0.57.0-
Construction0.81.70.1
Wholesale Trade1.01.2-
Retail Trade-0.11.0-
Accommodation and Food Services-0.10.2-
Transport, Postal and Warehousing-0.23.0-
Information Media and Telecommunications2.14.5-
Financial and Insurance Services0.84.00.1
Rental, Hiring and Real Estate Services0.41.9-
Professional, Scientific and Technical Services-0.3-1.5-
Administrative and Support Services1.93.00.1
Public Administration and Safety0.12.8-
Education and Training1.35.10.1
Health Care and Social Assistance0.11.0-
Arts and Recreation Services0.92.2-
Other Services3.62.40.1
Ownership of dwellings0.41.4-
Taxes less subsidies on products0.10.6-
Statistical discrepancy (P)nana-
Gross domestic product0.21.30.2

- nil or rounded to zero (including null cells) 
na not available 
 

Agriculture, Forestry and Fishing 4.3%

Mining -2.0%

Manufacturing -0.7%

Electricity, Gas, Water and Waste Services 0.5%

Construction 0.8%

Wholesale Trade 1.0%

Retail Trade -0.1%

Accommodation and Food Services -0.1%

Transport, Postal and Warehousing -0.2%

Information Media and Telecommunications 2.1%

Financial and Insurance Services 0.8%

Rental, Hiring and Real Estate Services 0.4%

Professional, Scientific and Technical Services -0.3%

Administrative and Support Services 1.9%

Public Administration and Safety 0.1%

Health Care and Social Assistance 0.1%

Arts and Recreation Services 0.9%

Other Services 3.6%

State and territory final demand

State and territory final demand, percentage changes (a)
 Dec 24 to Mar 25
 NSWVic.QldSAWATas.NTACTAust.(b)
Final consumption expenditure 
 General government-0.40.4-0.7-0.41.10.10.9-0.10.0
 Households0.10.60.60.80.00.20.70.20.4
Gross fixed capital formation 
 Private0.1-1.33.53.32.5-3.7-9.8-1.50.7
 Public-1.7-2.5-1.26.9-10.1-7.54.09.3-2.0
State final demand-0.10.00.71.30.2-0.9-1.10.60.2

- nil or rounded to zero (including null cells) 
a. Change on preceding quarter 
b. Australia estimates relate to Domestic final demand. 
 

Quarterly volume measures, seasonally adjusted

The map shows quarterly chain volume measures of state final demand by state and territory.
New South Wales' state final demand decreased 0.1% for the quarter.
Victoria's state final demand remained flat at 0.0% for the quarter.
Queensland's state final demand increased 0.7% for the quarter.
South Australia's state final demand increased 1.3% for the quarter.
Western Australia's state final demand increased 0.2% for the quarter.
Tasmania's state final demand decreased 0.9% for the quarter.
Northern Territory's state final demand decreased 1.1% for the quarter.
Australian Capital Territory's state final demand increased 0.6% for the quarter. 

New South Wales -0.1%

Victoria 0.0%

Queensland 0.7%

South Australia 1.3%

Western Australia 0.2%

Tasmania -0.9%

Northern Territory -1.1%

Australian Capital Territory 0.6%

Key tables

Key national accounts aggregates

Analytical expenditure aggregates

Expenditure aggregates

Expenditure on GDP

Household final consumption expenditure

Industry gross value added

Income from GDP

State final demand

Revisions and changes

Revisions in this issue

There are revisions in this issue due to the incorporation of more up-to-date data and concurrent seasonal adjustment. 

Upcoming changes to publication tables

The ABS plans to publish non-market sector series to provide further insights into labour productivity. Quarterly and annual estimates will first be included in the June quarter 2025 issue of Australian National Accounts: National Income, Expenditure and Product, scheduled for release on 3 September 2025. The non-market sector series will be added to publication Table 1. Key National Accounts Aggregates and 34. Key Aggregates and Analytical Series, Annual. 

The non-market sector of the economy comprises three industries: 

  • Education and Training,
  • Health Care and Social Assistance, and
  • Public Administration and Safety. 

For a variety of conceptual and practical reasons, this is a challenging part of the economy to measure. Challenges include: 

  • A lack of meaningful prices in some parts of the economy, where the price consumers pay for the service does not reflect the true economic value of providing the service;
  • Measuring improvements in the quality of output (particularly for services) and labour over time; and
  • A disparity between the way outputs are measured and the outcomes desired by consumers.
  • The three industries classified as non-market contain market producers (particularly in the health and education industries, for example private schools and hospitals). It is also true that industries allocated to the ‘market sector’ contain non-market producers.

The non-market sector is not ‘the government’ or the ‘public sector’. Drivers of employment and output for non-market organisations can differ significantly from those in the market economy. The calculations and assumptions used to compile estimates of non-market labour productivity are the same as those used to derive market sector estimates, consequently the data should be interpreted with caution. ABS guidance is to analyse productivity estimates over longer time periods, ideally using productivity growth cycles as published in Estimates of Industry Multifactor Productivity, 2023-24 financial year. Further information on assumptions made when compiling productivity estimates that affect the interpretation of the data is contained in Interpreting ABS productivity statistics.

A preview of the updated tables including official series IDs for the non-market series are included below.

For further information on the changes, please contact national.accounts@abs.gov.au.

Download all (190.91 KB)

Mock-up tables

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Time series spreadsheets

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Data cubes

HFCE Food Estimates, current price and chain volume measures, COICOP Group, SUPC, Original

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