One clue that today's 3Q23 GDP growth figure was not going to match the optimistic 0.5% consensus expectation was from the contributions to GDP from net exports data released yesterday. That showed a 0.6pp drag on growth, more than the 0.2pp drag expected, and removing most of the 0.8pp boost from the previous quarter. Inventories also dragged down the GDP growth rate. Household consumption has slowed again and made no change over the previous quarter. Household consumption has been slowing continuously since 2Q22, and shows the impact of the RBA's rate increases so far. Encouragingly for them, it appears to be ... (full story)