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The Australian economy grew by 0.3% qoq in Q3 2024, following a 0.2% increase in the prior three quarters. This marked the 12th straight period of quarterly growth but fell short of market expectations of 0.4%. Fixed investment picked up strongly, marking the strongest growth in 5 quarters (1.5% vs. 0.2% in Q2) and contributing 0.4ppts to the GDP, primarily driven by a record-high public investment (6.3% vs -1.1%). Government spending growth was stable (at 1.4%), as social benefits to households extended. Household spending remained flat, after a 0.3% decline in Q2, as a rebate-driven drop in electricity spending was offset by increases in other categories. On the trade front, exports of goods and services were 0.2% higher while imports fell by 0.3%, adding 0.1ppts to GDP. Changes in inventories subtracted 0.4ppts, reducing for the second consecutive quarter. The household savings ratio rose to 3.2% from the previous 2.4%. Yearly, the GDP expanded by 0.8%, the lowest since Q4 of 2020.