We've marginally lowered our 2024 GDP growth estimate for Australia by 0.1ppt to 1% and continue to forecast growth of 2% in 2025. The Q3 national accounts were in line with our modest expectations, with GDP increasing by just 0.3% q/q in the quarter. We believe the economy is lacking a clear engine of growth outside of the public sector, and productivity growth remains on a concerning trend.
Australia: Public demand is still keeping the economy afloat