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Australian Economic Update: Q3 GDP 2023
GDP rose by a weaker-than-expected 0.2% q/q (2.1% y/y). On the activity side, revisions, volatility and one-offs muddy the read at the component level, though a clear further slowing in both domestic final demand and GDP growth is evident. Household consumption was flat in the quarter with subsidies on electricity and childcare subtracting from measured growth, though easing supply issues saw a boost to spending on vehicles. On net, these “one-off” factors are broadly offsetting and their impact on growth will wane next quarter. That said, household consumption looks to have remained somewhat resilient despite ... (full story)