The Australian economy contracted by 1.9 percent in the September quarter (Q3), when state lockdowns against the Delta variant of COVID-19 occurred, but it was less than the 2.5 to 3 percent drop that economists were fearing. The Australian Bureau of Statistics (ABS) revealed in the latest National Accounts that despite the quarterly drop, Australia’s GDP was still up 3.9 percent for the year. The household savings ratio also increased from 11.8 percent to 19.8 percent on the back of substantial government stimulus. “But the 1.9 percent decline in the September quarter was no surprise,” Treasurer Josh Frydenberg told ABC radio. “We had 13 million Australians who were in lockdown with our two biggest states, New South Wales and Victoria.” Frydenberg said things were turning around as consumption and retail sales recorded strong figures, including on Black Friday. “So, I’m looking forward to a strong Christmas and a very strong new year,” …