Australia's third-quarter GDP grew 2.1% year-on-year, driven by investment and consumption, putting the Reserve Bank of Australia's policy in focus.

The Australian Bureau of Statistics released the latest data showing that the country's gross domestic product (GDP) increased by 0.4% quarter-on-quarter and 2.1% year-on-year in Q3.

Grace Kim, head of National Accounts at the Australian Bureau of Statistics, stated that economic growth remained stable in Q3, with the pace matching the quarterly average since the end of the COVID-19 pandemic. Meanwhile, as economic growth aligned with population trends, per capita GDP was flat quarter-on-quarter but rose 0.4% year-on-year.

The Q3 growth was primarily driven by domestic final demand, with private investment and household consumption playing leading roles. Data showed that private investment increased 2.9% quarter-on-quarter, while household consumption rose 0.5%.