Australia's economy grew at the slowest annual pace since the pandemic in the third quarter, disappointing hopes for a rebound as government spending did all of the heavy lifting. Investors reacted by pushing the Australian dollar 0.

Australia's economy grew at slower than expected in the third quarter, as elevated borrowing costs and sticky inflation continued to weigh down on the slowing economy.

Australia’s economic growth remained sluggish in the three months through September as a surge in government spending helped overcome weak exports and restrained consumer demand.