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And the Chinese government is committed to shoring up its EV sector. Subsidies for manufacturers that were introduced in 2009 have come to an end, but the government is focused on building a strong nationwide network to charge vehicles throughout the country's cities and highways, according to China's Ministry of Finance. Such a network is key to speeding up demand for EVs.

Analysed by major GDP component, private consumption expenditure decreased by 3.5 percent in real terms in the third quarter from a year earlier, recording its first year-on-year decline in more than 10 years.

Analysts said government support for entrepreneurship and innovation has provided a major boost for tech firms and startups and allowed them to survive and thrive amid downward pressures on the broader economy.

Angus Campbell, the Chief of the Defence Force, promised that the ADF was "going to be part of the story of rebuilding this country", telling troops who have been deployed to help with bushfire recovery efforts that they would be "in it for the long haul."

And Frankfurt stocks lost 2.5 percent after Germany also ramped up Covid-19 restrictions, while the EU's disease control agency labeled more than half of the bloc's member states as red zones in a new map to guide countries' decisions on travel restrictions.