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Aussie shrugs off soft GDP
Australia’s economy underperformed in Q3, with a modest gain of 0.6% m/m. This was lower than the Q2 print of 0.9% and beneath the 0.7% consensus and also marked the weakest quarterly growth this year. Annual GDP climbed 5.9%, an improvement from 3.6% in Q2 but shy of the consensus of 6.2%. The RBA is projecting that GDP will continue to slow through to 2024. The economy is showing clear signs of slowing down. Services, manufacturing and construction PMIs are all in decline. There was more bad news this week – Current Account for Q3 showed a deficit for the first time since 2019 and Company Operating Profits fell ... (full story)