Consumer spending key for economists
The AFR reported that economists are awaiting indications that wage growth has ticked higher in the second half of the year, with consumer spending set to be the key focus when Australia's third-quarter GDP figures are released on Wednesday. GDP growth for the three months ending September is set to be just slightly weaker than the previous quarter at 0.6%, according to market consensus, falling from 0.9% in June. That figure is expected to take the annualised growth to 3.3%, still well above the five-year average. Australia's wage price index rose 2.3% year-on-year in the third quarter as signs emerge that wage growth is rising.