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Australia economy in rare contraction as spending falls

Sept quarter contraction of 0.5% is weakest figure in eight years despite recent upswing in commo prices

Published Wed, Dec 7, 2016 · 09:50 PM
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Sydney

AUSTRALIA'S economy contracted for just the fourth quarter in 25 years, official data showed on Wednesday, slowing the annual growth rate to 1.8 per cent amid weaker government and consumer spending on top of softer trade figures.

The Australian Bureau of Statistics reported a 0.5 per cent contraction for the September quarter.

It was the weakes…

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