The Australian economy grew by 2.1% year-on-year in the third quarter ending in September, according to figures released Wednesday morning, December 3rd, by the Australian Bureau of Statistics (ABS). This marks the fastest growth rate since the third quarter of 2023, falling short of expectations of 2.2%. Quarterly growth in the third quarter was 0.4%, compared to 0.7% in the second quarter, missing market expectations of a 0.7% increase.

Domestic spending led the growth, including household consumption, while private investment grew at its fastest pace since March 2021.