Australia's economy in the third quarter grew at the slowest annual pace since the pandemic, disappointing hopes for a rebound as government spending did all of the heavy lifting and consumers remained cautious.

Data from the Australian Bureau of Statistics on Wednesday showed real gross domestic product rose 0.3% in the September quarter, missing market forecasts of 0.4%. Annual growth slowed to 0.8%, from 1.0% the previous quarter, levels previously only seen during recessions.

After growing at just 0.2% QoQ in the previous three quarters, Australia’s GDP growth in 3Q24 rose to 0.3%. However, this was lower than the market had been hoping for, and the breakdown of growth is also disappointing