Australia GDP growth slows despite household resilience

People shop at the South Melbourne Market. Australia's GDP advanced 0.6%, down from 0.9% in the second quarter and just below economists’ estimates of 0.7%, official data show. — Reuters

SYDNEY: Australia’s economy expanded at a slower than expected pace in the three months through September as imports jumped, reflecting ongoing strength in household spending and resilience to the Reserve Bank’s interest rate increases.

Gross domestic product (GDP) advanced 0.6%, down from 0.9% in the second quarter and just below economists’ estimates of 0.7%, official data showed yesterday.