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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

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The latest figures came after a stellar Q2 that saw the economy expand by a revised 0.6 per cent for 3.1 per cent year on year.

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

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