{table} • The Australian economy grew by 0.3% in seasonally adjusted chain volume terms in the September quarter. • Household final consumption expenditure increased 0.3% during the quarter contributing 0.2 percentage points to GDP growth. • Compensation of employees increased by 1.0%. • Net exports contributed 0.3 percentage points to GDP growth driven by a decline in imports. • The terms of trade rose 0.8%. (full story)

Australian economic growth slowed in the September quarter, driven largely by a slowdown in household spending. According to the Australian Bureau of Statistics, GDP grew by 0.3% in seasonally adjusted chain volume terms, missing forecasts for an increase of 0.6%. The economy grew by 0.9% in the prior quarter, unchanged from the previous estimate. “The household sector drove domestic growth with increased consumption supported by moderate rises in household income,” said Bruce Hockman, Chief Economist at the ABS. “Household consumption rose 0.3%, driven by non-discretionary spending on food and housing. Spending on ... (full story)