Australian GDP up 0.6% in Q3

Australia has reported slower than expected economic growth for the third quarter of 2022.

The Australian Bureau of Statistics (ABS) on Wednesday revealed that the gross domestic product (GDP) increased by 0.6 per cent in the three months to the end of September, reports Xinhua news agency.

In the 12 months to September the Australian economy grew by 5.9 per cent.

Economists had widely tipped a 0.7 percent increase in the third quarter of the year.

According to the ABS, growth was driven by a 13.9 per cent increase in transport services and a 5.5 per cent jump in spending at hotels, cafes and restaurants.

Household spending increased by 1.1 per cent from the June quarter.

“The September quarter was the fourth consecutive quarter of economic growth, following a contraction in the September quarter 2021, which was impacted by the Covid-19 Delta outbreak,” Sean Crick, ABS head of National Accounts, said in a media release.

The portion of Australians’ earnings being put away into savings fell from 8.3 per cent in the June quarter to 6.9 per cent.

Employee compensation rose by 3.2 per cent, the biggest quarterly increase since 2006.

Responding to the data, Treasurer Jim Chalmers said it was a solid outcome amid substantial global uncertainty but warned of further challenges to come.

“This paints a picture of an economy which is relatively robust, despite the substantial challenges being thrown at it from around the world,” he told reporters.

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