Australia's economy in the third quarter grew at the slowest annual pace since the pandemic, disappointing hopes for a rebound as government spending did all of the heavy lifting and consumers remained cautious.

After growing at just 0.2% QoQ in the previous three quarters, Australia’s GDP growth in 3Q24 rose to 0.3%. However, this was lower than the market had been hoping for, and the breakdown of growth is also disappointing

Australia’s economic growth remained sluggish in the three months through September with gross domestic product increasing only 0.3% from the prior quarter, below analyst expectation of a 0.5% growth.