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Australia's Economy Grew at Slower-Than-Expected Pace in 3Q

06 Décembre 2017

The previous quarter's reading of 0.8 per cent was revised up to 0.9 per cent, extending the Australian economy's uninterrupted growth to 26 years without a recession.

Australia's economy expanded at the fastest annual pace in over a year last quarter thanks to a long-awaited jump in business investment, though marked weakness in household spending cast a cloud over the outlook for growth.

The Australian economy grew 0.6 per cent in seasonally adjusted chain volume terms in the September quarter 2017, according to figures released by the Australian Bureau of Statistics (ABS) today.

Treasurer Scott Morrison said the figures indicated "solid" economic growth, however, with growth accelerating from 1.9 per cent to 2.8 per cent through the year.

Leaving the cash rate at a record-low 1.5 per cent on Tuesday, Reserve Bank governor Philip Lowe said he expected GDP growth to average around three per cent over the next few years.

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Investors suspect policy will stay on hold for a long time to come and interbank futures are not fully priced for a hike until early 2019.

Non-dwelling construction added 0.9 percentage points to growth during the quarter, more than offsetting a 0.1 percentage point decline from residential building. Household consumption rose just 0.2 percent in the quarter, the smallest increase since late 2012.

Some of that spending had to be funded by saving less, with the savings ratio down at a lowly 3.2 percent.

"The clear message from this is that constrained consumer remains a big source of uncertainty for growth in Australia".

Australia's Economy Grew at Slower-Than-Expected Pace in 3Q