The data for economic growth in Australia for the July to sept September quarter is here

Comments via Westpac (in brief):

  • economy lost momentum … centred on housing and the consumer against the backdrop of a further tightening of lending standards to the housing sector.
  • Business investment also took a step lower, led by mining, with the completion of major gas projects.
  • Jobs growth remained robus
  • Drought … supply disruptions in the mining sector, were headwinds
  • household incomes were also soft
  • gain in spending was again 'funded' by a reduction in savings - the savings rate falling … to … a post GFC low
  • Business investment was disappointing
  • Public demand and net exports were key growth engines

JPM:

  • consumer spending pull back a little
  • Wage growth is low
  • household savings rate is also pretty low
  • housing is slowing means the wealth effect... is no longer supporting consumption

Meanwhile, AUD not bouncing much: