Australia economic growth slows unexpectedly

Sydney

AUSTRALIA'S economic growth unexpectedly slowed last quarter as sliding export prices took a heavy toll on national income, and the outlook is even darker given the rout in global commodity prices of recent weeks.

The Australian dollar dived to four-year lows at US$0.8392 and markets narrowed the odds of another cut in interest rates after gross domestic product (GDP) rose just 0.3 per cent in the third quarter. That was less than half the pace analysts expected, and the smallest increase since early 2013.