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Australia GDP Expands 0.3% In Q3

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Australia's gross domestic product added a seasonally adjusted 0.3 percent on quarter in the third quarter of 2018, the Australian Bureau of Statistics said on Wednesday.

That missed expectations for an increase of 0.6 percent and was down from 0.9 percent in the second quarter.

On a yearly basis, GDP expanded 2.8 percent - again missing forecasts for 3.3 percent and down from 3.4 percent in the three months prior.

Household final consumption expenditure increased 0.3 percent during the quarter, contributing 0.2 percentage points to GDP growth.

"The household sector drove domestic growth with increased consumption supported by moderate rises in household income," ABS Chief Economist Bruce Hockman said.

Compensation of employees increased by 1.0 percent, while net exports contributed 0.3 percentage points to GDP growth driven by a decline in imports. The terms of trade rose 0.8 percent.

Public spending was funded through increased revenue. General government final consumption expenditure increased 0.5 percent underpinned by continued expenditure in health, aged care and disability services. Public investment remained at high levels with continued work on a number of large infrastructure projects around the nation.

Health care and social assistance output also recorded strong growth reflecting ongoing public investment in health care. Growth was also observed in services industries supporting infrastructure projects. Professional, scientific and technical services, Rental, hiring and real estate services and Administrative and support services all recorded growth during the quarter.

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