Australia third-quarter GDP grows at 0.3%, missing expectations

Australia’s economy grew slower than expected in the third quarter, with real GDP rising 0.3% compared to the previous quarter, missing the Reuters forecast of 0.4%. This slowdown was attributed to elevated borrowing costs and sticky inflation, which have been impacting the economy for the past two years. The Reserve Bank of Australia has kept interest rates at a 13-year high of 4.35% and is expected to maintain this stance at their upcoming policy meeting on Dec.10, aiming to bring core inflation closer to their target range of 2% to 3%.

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