By https://www.abc.net.au/news/david-chau/8543210
Publication Date: 2026-06-02 22:01:00
Deloitte Access Economics reviewed the latest GDP data.
Partner Stephen Smith points out that while today’s figures show the Australian economy is still growing, there is “declining momentum and a shrinking growth base as net exports fell and discretionary household spending stalled.”
“The headline result was driven by a rise in business investment related to data centers. While these investments are welcome, they are not broad-based and the resulting impact on direct employment is likely to be modest,” he said.
“Households remained cautious as spending on essentials dominated discretionary purchases as energy spending rose almost 12% following the end of the federal government’s electricity subsidies.”
“Meanwhile, the savings rate fell as consumers had to absorb continued pressure on family budgets. Public demand no longer contributed to growth, while net exports significantly slowed growth, influenced by weather-related mining exports and significant data imports…
