Economists predict June quarter GDP results

The news: Economists finalised their predictions for June quarter 2024 GDP growth on Tuesday, following the release of mixed data showing a surprisingly large current account deficit and separate data showing a rise in public demand. Some kept their forecasts steady.

The numbers: The latest predictions on a quarterly basis from the major banks and analysts are as follows:

• Westpac: 0.3% (kept steady);
• CBA: 0.4% (revised up from 0.2%);
• NAB: 0.3% (revised up from 0.1%);
• ANZ: 0.1% (revised down from 0.2%);
• UBS: 0.2% (revised down from 0.3%);
• Goldman Sachs: 0.3% (kept steady); and
• RBA: 0.2% (forecasts published in the latest Statement on Monetary Policy in August without benefit of recent data).

The context: National Accounts will be released at 11:30am AEST on Wednesday. Treasurer Jim Chalmers has forewarned that the government expects the result for the June quarter to be a soft figure amid higher interest rates and global volatility.