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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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.
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