<?xml version="1.0" encoding="ISO-8859-1"?> <docID>334604</docID> <postdate>2024-12-04 12:15:07</postdate> <headline>Economy expands 0.3 per cent in September quarter</headline> <body><p><img class="size-full wp-image-287307" src="https://citynews.com.au/wp-content/uploads/2023/07/IMG_7438-resized.jpg" alt="Reserve Bank Building, London Circuit, Canberra" width="1200" height="900" /></p> <caption>Borrowers are hopeful the Reserve Bank of Australia will soon start lowering interest rates..</caption> <p><span class="kicker-line">By <strong>Poppy Johnston</strong> in Canberra</span></p> <p><strong>The economy expanded 0.3 per cent through the September quarter, a minor improvement on the 0.2 per cent growth in the three months to June.</strong></p> <p>The quarterly increase fell short of the 0.5 per cent gain that was expected.</p> <p>Over the year, the economy grew 0.8 per cent, down from one per cent in June and below the 1.1 per cent consensus forecast.</p> <p>Australian Bureau of Statistics head of national accounts Katherine Keenan said the Australian economy grew for the 12th quarter in a row, but has been slowing since September 2023.</p> <p>The strength this quarter was driven by the public sector, with both government consumption and public investment contributing to growth</p> <p>The prolonged fight against rising prices has taken a toll on the economy, leading to a series of weak growth readings.</p> <p>Though economic activity is expected to improve over time as tax cuts, easing inflation and real wage gains support household incomes.</p> </body>