1H24 Financial Results
The Australian economy
Economic growth moderating
Momentum in the economy slowing late 20231
GDP growth
A GDP per capita in recession¹
GDP index
Population growth has been a tailwind¹
Population growth (annual change)
%
Index
15
112.5
Aggregate
%
3
10
Annual change
110.0
Population
growth
107.5
5
105.0
0
102.5
2
Per capita
1
100.0
-5
Quarterly change
97.5
-10
95.0
0
Dec 10 Dec 12 Dec 14 Dec 16
Dec 18
Dec 20 Dec 22
Dec 18
Dec 19
Dec 20
Dec 21
Dec 22
Dec 23
Dec 90
Dec 95 Dec 00 Dec 05 Dec 10 Dec 15 Dec 20
Labour market resilient but loosening¹
Employment growth and unemployment rate
More people want and need to work¹
Participation rate
%
Wages growth has risen, but annual growth still
negative in real terms¹
Wage price index (annual change)
000s
%
68
%
600
400
200
0
-200
Employment
-400
change (LHS)
-600
Unemployment rate
(RHS)
-800
8765432T0
5
66
4
Wage Price Index
3
64
Participation rate
2
62
62
1
1
60
0
Dec 16
Dec 18
Dec 20
Dec 22
Dec 16
Dec 18
Dec 20
Dec 22
Dec 14
Dec 16
Dec 18
Dec 20
Dec 22
1. Source: ABS.
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