{"id":16171,"date":"2022-12-07T08:16:15","date_gmt":"2022-12-07T08:16:15","guid":{"rendered":"https:\/\/www.xtreamforex.com\/?p=16171"},"modified":"2022-12-07T08:16:15","modified_gmt":"2022-12-07T08:16:15","slug":"the-australian-q3-gdp-economy-xtreamforex","status":"publish","type":"post","link":"https:\/\/www.xtrememarkets.com\/MU\/the-australian-q3-gdp-economy-xtreamforex\/","title":{"rendered":"The Australian Q3 GDP Economy | Xtreamforex"},"content":{"rendered":"

The Australian Q3 GDP Economy | Xtreamforex<\/h1>\n

Australian economy expands by 0.6%, a little softer than expected. The impacts of high inflation and higher interest rates are becoming apparent \u2013 notably, the real estate sector on lower turnover subtracted 0.2ppts from activity in the period.<\/p>\n

The Australian economy<\/strong><\/a> expanded by 0.6% in the September quarter. That was a little softer than anticipated, market median 0.7% and Westpac 0.8%. Annual growth is 5.9%. The level of activity is 6.5% above levels prior to the pandemic, at the end of 2019.<\/p>\n

The Real Estate sector \u2013 in the form of ownership Transfer Costs plunged by -11.2%, subtracting 0.2ppts from activity. We had allowed for a more modest fall, recent quarterly outcomes have been -1.1%, -2.5% and -2.1%. This provides further evidence that the Australian economy is in transition. Earlier tailwinds are fading, and the impacts of high inflation and higher interest rates are beginning to become apparent. A sharp economic slowdown is in prospect for 2023.<\/p>\n

The National Accounts estimate that hours worked expanded by only 0.1% – even a touch softer than the Labor Force survey, which reported a rise of 0.2%. Supply constraints are a factor, with the economy going up against capacity constraints. In addition, in the September quarter, there was elevated sick leave and elevated levels of annual leave.<\/p>\n

Domestic demand grew by 0.6% in the quarter. Net exports subtracted -0.2ppts from activity offset by a positive 0.2ppts contribution from total inventories. Of note, other inventories subtracted 0.2ppts from growth in the period. Home building activity advanced by a modest 1% in the quarter, with a 3.4% increase in new home building outweighing a 2.2% decline in renovation work. Business investment<\/strong> <\/a>grew by 0.7%, with a lift in construction work outweighing a -3.0% decline in equipment spending.<\/p>\n

Public demand is cresting at a high level, managing to post only a tepid 0.2% increase. This follows rapid growth up to the March quarter 2022, boosted by the response to pandemic.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Australian Q3 GDP Economy | Xtreamforex Australian economy expands by 0.6%, a little softer than expected. The impacts of high inflation and higher interest rates are becoming apparent \u2013 notably, the real estate sector on lower turnover subtracted 0.2ppts from activity in the period. The Australian economy expanded by 0.6% in the September quarter.<\/p>\n... continue reading<\/a>.","protected":false},"author":3,"featured_media":16172,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17],"tags":[20,265,182,24,270,263,201],"yoast_head":"\r\nThe Australian Q3 GDP Economy | Xtreamforex<\/title>\r\n<meta name=\"description\" content=\"Australian economy expands by 0.6%, a little softer than expected. 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