AustraliaEconomy

The Australian economy experienced a cooling phase, with gross domestic product edging up by just 0.3% in the March quarter.

New data revealed that electrified vehicles captured 46% of all new car sales in Australia in May.

Australian residential construction faces a slight downturn as total dwelling approvals fell 3.4% to 16,710 in April.

Australia has recorded its first trade deficit in over eight years, with the current account balance plunging to a $27.1 billion deficit in the March quarter.

A surge in data centre infrastructure has propelled Australian private new capital expenditure up by 6.5% in the March quarter.

Australian household spending fell by 1.1% in April, driven primarily by a sharp decline in transport costs.

Australia's annual inflation rate eased to 4.2% in the 12 months to April, down from 4.6% in March.

Surging fuel costs and severe supply shortages are battering the Australian economy, with 72% of firms reporting negative impacts.

Australia's labour market showed signs of cooling as the seasonally adjusted unemployment rate rose to 4.5% in April.

Prime Minister Anthony Albanese has conceded his government's controversial decision to scrap the capital gains tax discount is “difficult."

Treasurer Jim Chalmers detailed a $77 billion budget boost driven by NDIS savings and housing tax reforms to improve affordability.

Australia disclosed a $14.8 billion fuel security and price relief package in tonight’s budget.