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Australia's GDP increases 0.4% in June quarter of 2023

Total gross fixed capital formation rose by *.* per cent, fuelled by increases in both public and private investment. Easing supply chain constraints and improved weather conditions positively impacted trade in goods and changes in inventories. Despite a $*.* billion fall in the change in inventories, detracting *.* percentage points from GDP growth, net trade in goods contributed *.* percentage points to GDP growth.

Goods exports saw a *.* per cent rise in the June quarter, aided by improved weather and fewer bottlenecks at ports. This occurred despite a *.* per cent decrease in underlying mining production. On the other hand, goods imports slightly fell by *.* per cent, leading to a $*.* billion drawdown in retail and wholesale inventories, as per ABS.