2.5 AUSTRALIA

According to the Australian Bureau of Statistics, the real GDP from October to December 2020 increased by 3.1% over the previous quarter. Personal consumption is driving GDP growth. In terms of private consumption, there was an increase of 4.3% year on year, hotel and restaurant spending increased by 17.5%, private housing investment increased by 4.1%, and the demand for refurbished houses drove an increase in VRF demand.