The Australian economy recorded a growth in GDP growth of about 0.3% in the third quarter of this year 2024, ending in September, according to figures from the Australian Bureau of Statistics (ABS) released this morning, compared to a growth in the second quarter of $0.2%, while expectations indicated a growth of about 0.5%.

On an annual basis, GDP rose to 0.8% compared to September of last year, recording the lowest growth rate since the pandemic. The report showed that public investment rose by 6.3% in the third quarter, with government investment rising by 6%, while government spending rose by 1.4%, and export prices fell by 2.6%.

The Australian dollar is trading at 0.6410 levels against the US dollar, down more than 1% today, trading at its lowest levels in four months, as data and rising bonds prompted markets to offer a possible timing for future interest rate cuts