Market Outlook: Moody's Predicts 0.3% Growth for Australia's Economy in Q3

Moody's Analytics forecasts that the Australian economy likely exhibited slight growth in the third quarter, slightly above that of the previous quarter. According to Moody's Analytics, Australia likely grew by approximately 0.3% in the September quarter, surpassing the growth of 0.2% recorded in the June quarter. Moody's notes that "the country's households and businesses continue to be under pressure from high interest rates," stating that tax cuts and cost-of-living relief measures have supported households, although this support is seen more as savings in bank accounts rather than increased spending. Moody's also adds that the pressure on businesses has increased, particularly in interest-sensitive sectors such as retail, accommodation, and construction. GDP data for Australia will be released on Wednesday.