MNI BRIEF: Aussie Q3 GDP Misses Expectations At 0.4%

Australia’s Q3 GDP rose 0.4% q/q, 30 basis points below expectations, and 2.1% y/y, 10bp below forecasts, National Accounts data released on Wednesday showed.

“Economic growth was steady in the September quarter 2025. The rise this quarter matches the average quarterly growth since the end of the COVID 19 Pandemic,” said Grace Kim, head of National Accounts at the Australian Bureau of Statistics. “GDP per capita was flat for the quarter as economic growth was in line with population growth but remained 0.4% higher than a year ago.”

The Reserve Bank of Australia expects GDP growth to reach 2% by December and 1.9% in Q2. (See MNI POLICY: RBA Sees Balanced Risk, Despite Monthly CPI Shock)

GDP per hour worked, a key measure of productivity growth, fell 20bp to 0.2%, while real unit labour costs printed at -0.1% after rising 0.9% in Q2.