The Reserve Bank talks of the economy being at a’ gentle turning point’, but Australians merely aren’t spending

The 0.4% Australian GDP growth for the third quarter was lower than forecast by the Reserve Bank this week. But although it might have caught Martin Place by surprise, it’s no great startle to many close commentators of the Australian economy.

With the retail sector on its knees( the sector is forecast to grow at an anaemic 0.3% in figures due out on Thursday ), wages still stagnant and serious doubts about whether the once-booming construction sector can continue to support growth, the outlook touted by the RBA on Tuesday seems quite optimistic.

Related: Slow GDP growth deflates government hopes of tax slasheds ricochet

Australians are largely saving the low-grade and middle income levy offset, according to the @ABSStatsarchive #ausbiz #auspol pic.twitter.com/ Tm6yuptCSZ

Related: When you get right down to the fundamentals, the economy is looking fairly crook | Greg Jericho

Contribution from household consumption to Australia Q3 GDP just 0.1 level. The last-place occasion contribution was this low as June 2013 #ausbiz #RBA

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Read more: theguardian.com