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Australian consumption rose as EV and hybrid sales lifted spending
ABS data showed quarterly consumption growth of 0.4%, with EVs and hybrids contributing three quarters of that increase.
Australia’s latest national accounts showed real economic growth easing but remaining positive, as record sales of electric vehicles and hybrids boosted household consumption, according to the Australian Bureau of Statistics.
ABS figures indicated real GDP expanded 0.4% in the three months to June, slightly higher than the prior quarter, while growth eased from 2.5% in the year to the March quarter to 2.1% in the year to June.
The ABS said EV and hybrid sales strengthened spending enough to account for three quarters of the 0.4% quarterly growth in consumption, helping offset other strains from challenging international conditions.
The data also pointed to inflation and productivity as key pressures, with disposable household incomes rising 0.6% in the quarter and 0.3% after adjusting for population growth, while economists and the federal treasurer linked concerns to inflation, productivity, and global volatility.