Australia's March Quarter GDP Expected to Book 2.6% Year-over-Year Increase, Growth to Weaken in June Quarter, BofA Securities Says

MT Newswires Live06-02 13:59

Australia's gross domestic product (GDP) for the March quarter is expected to rise by 0.5% sequentially and 2.6% on an annual basis, but growth is expected to weaken in the June quarter, BofA Securities said in a note on Monday.

In comparison, the GDP increased by 0.8% quarter-over-quarter in the December 2025 quarter and by 2.6% year-over-year.

The first-quarter data is too early to capture any material spillovers from the conflict in the Middle East, with negative growth effects more likely to emerge in the second quarter. The data center boom will drive a strong 3.8% quarter-over-quarter rise in private investment. However, this investment also contributed to a surge in imports, partly offsetting the growth impulse.

The Reserve Bank of Australia is likely to focus on the strength of private demand before the conflict, alongside inflation risks stemming from weak productivity and rising unit labor costs.

While household consumption is anticipated to be resilient in the first quarter, led by non-discretionary categories, it is expected to fall in the June quarter.

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