Echoing comments from Reserve Bank of Australia Governor Philip Lowe following the latest monetary policy decision, Australian growth has not only decelerated, but fallen into contractionary territory for the first time in over 5 years. GDP missed forecasts of 0.30% growth by a wide margin, printing at -0.50% for the third quarter. The main culprit behind the decline was private sector expenditures and a growing trade deficit. During the quarter, household spending managed to rise modestly while government spending fell alongside business investment. Net trade was a major drag thanks to import growth which vastly exceeded export growth. The result was a substantial slowing in annualized GDP growth from 3.30% in the second quarter to 1.80% in the three months ended in September. After rising on Tuesday, AUDNZD is back on the retreat as the Australian dollar finds itself under renewed pressure.