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
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…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
South Korea readies new system to detect illegal short-selling
US births retreat after pandemic-era growth
Markets are embracing India's Modi for what he won’t do
Blinken to meet businesses in Shanghai as he kicks off a tough China trip
Indonesia’s central bank surprises with ‘pre-emptive’ rate hike to cushion falling rupiah
South Korea’s economic growth beats forecast as exports rise