00:44Dis 01, 2021Reuters

Australia economy took a spill in Q3 as lockdowns bit

Australia's economy slammed into reverse last quarter as the Delta outbreak put half the population under lockdown, though a speedy recovery is already underway as world-beating vaccination rates set Sydney and Melbourne free.

Figures from the Australian Bureau of Statistics out on Wednesday showed gross domestic product (GDP) fell a steep 1.9% in the third quarter, but still managed to beat market forecasts of a 2.7% dive.

Annual growth slowed to 3.9%, from 9.6% in the second quarter, but again beat expectations of 3.0%.