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.

Australia’s economic growth remained sluggish in the three months through September as a surge in government spending helped overcome weak exports and restrained consumer demand.

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