Australian stocks tracked sideways today, but the flat finish was a fairly impressive outcome given weaker than expected economic growth figures and a downbeat offshore lead. The All Ordinaries Index (XAO) closed up 0.4pts at 4676.8 while the S&P/ASX 200 Index (XJO) finished up 2.2pts to 4586.6.

Financial stocks were mixed, with the Commonwealth Bank (CBA) and Westpac (WBC) finishing in positive territory after a weak start. CBA shares added 0.5pct to $48.52 by close while WBC firmed by 0.4pct to $21.45. The National Australia Bank (NAB) remained under pressure, closing down 0.6pct to $23.30 while shares in the ANZ (ANZ) were slightly lower at $22.65. Macquarie Group (MQG) closed down 1.5pct to $34.93.

Mining players helped cap the losses. Firmer metals trade in London overnight boosted the key players, with BHP Billiton (BHP) firmer by 1.1pct to $43.20 and Rio Tinto (RIO) up 1.1pct to $83.10. Fortescue Metals Group (FMG) gained 0.5pct to $6.35 while Australia's largest gold producer Newcrest Mining (NCM) was slightly firmer at $39.69.

Retail stocks were generally sold off. Woolworths (WOW) fell 0.8pct to $26.60 while Wesfarmers (WES) shed 0.3pct to $31.36. David Jones (DJS) lost 1.1pct to $4.37 while Myer Limited (MYR) closed down 2pct to $3.58.

Telstra (TLS) lost 0.7pct to $2.79.

Shares in Qantas (QAN) fell 0.8pct to $2.61 on weak traffic numbers and threats of a go-slow movement by union officials during the busy Christmas period.

Shares in Nufarm (NUF) outperformed, rising 2pct to $4.64.

The economy expanded by 0.2pct in the September quarter after growing by a downwardly revised 1.1pct in the June quarter. Annual economic growth fell from 3.3pct to 2.7pct in the September quarter.

The non-farm economy fell by 0.2pct in the September quarter after expanding by 1pct in the June quarter. Annual growth stands at 2.5pct.

Farm GDP rose by 21pct in the quarter and was up 11.1pct over the year. The 21pct quarterly rise was the largest quarterly growth increase in 17 years.

At current prices, GDP grew 1.2pct in the quarter and 9.6pct over the year, boosted by mining profits. Real gross domestic income rose by 7.8pct over the year. Income levels are rising, but consumers and businesses are choosing not to spend.

The Australian dollar ended the day's trade at US95.92c, £0.6153 and €73.63c.

On the market overall, a total of 2.34 billion shares were traded, worth $4.47 billion. 489 were up, 615 were down and 371 were unchanged.

At 4.15pm AEDT on the ASX24, the futures contract was at 4597, up 4pts.

Ahead tonight, the Federal Reserve Beige Book, ISM manufacturing, construction spending and vehicle sales are released in the US.