Australian economic growth data: Q3 GDP +0.6% q/q (expected +0.7%, prior +0.9%)

Australian Q3 2022 GDP rises less than expected at +0.6% q/q

• expected +0.7%, prior +0.9%

For the y/y, comes in at 5.9%

• expected 6.3%, prior 3.2% (revised down from 3.6%)
• the annual rate reflects a very low base back in Q3 2021, the Australian economy contracted then with shutdowns in major cities due to the Delta coronavirus outbreak

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• Terms of trade fell 6.6%, the largest fall since June quarter 2009
• Household saving ratio decreased to 6.9% from 8.3% (now at its lowest since December 2019)
• Compensation of employees increased 3.2 per cent, the strongest rise since December quarter 2006. Tight labour market conditions, with the unemployment rate being at a multi-decade low, and job vacancies at high levels, were key to the rise.
• Household spending rose 1.1 per cent for the quarter, contributing 0.6 percentage points to GDP
• Net trade detracted 0.2 percentage points from GDP, with a 2.7 per cent increase in exports offset by a 3.9 per cent rise in imports.
• (this is an inflation indicator) GDP implicit price deflator (IPD) increased 0.2% with higher domestic prices offset by a fall in the terms of trade.

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AUD AUD The Australian dollar (AUD) is the official currency of Australia, which is also used in Christmas Island, Cocos (Keeling) Islands, Norfolk Island, as well as independent pacific states.Introduced in 1966, the AUD is currently the fifth most traded currency in the world, behind only the US dollar, euro, Japanese yen, and British pound.The currency is very important to forex markets and is routinely used as a carry trade against other majors.The Reserve Bank of Australia (RBA) is the central bank The Australian dollar (AUD) is the official currency of Australia, which is also used in Christmas Island, Cocos (Keeling) Islands, Norfolk Island, as well as independent pacific states.Introduced in 1966, the AUD is currently the fifth most traded currency in the world, behind only the US dollar, euro, Japanese yen, and British pound.The currency is very important to forex markets and is routinely used as a carry trade against other majors.The Reserve Bank of Australia (RBA) is the central bank Read this Term is barely changed.