ANZ write that AU "GDP growth slowed in...>

AUSTRALIA: ANZ write that AU "GDP growth slowed in Q3 to 0.3% q/q and 2.8% y/y.

While public spending and net exports were strong contributors to growth,

housing construction only eked out a small gain and consumption growth slowed

significantly. Business investment fell. Underlining the softness in consumption

was further weakness in wages growth. Persistently low wages growth raises the

risk that household income growth will not pick up enough to offset the ongoing

decline in house prices and support growth in consumer spending. In the near

term, however, overall GDP growth is likely to hold up given the solid pipeline

of public spending, business investment and exports."