Australia’s equity markets experienced a downturn this week, with the ASX 200 closing 1.0% lower, halting a three-week streak of gains. The Australian market was particularly impacted by softer-than-expected quarterly GDP data and a global tech selloff. The GDP growth for the June quarter remained unchanged at +0.2% quarter-on-quarter, falling short of the anticipated 0.3%. High borrowing costs and persistent inflation continue to pose challenges, contributing to a cautious economic outlook.