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Australia’s Weakest Consumption Since 2010 Slows Growth: Economy

Australia’s economy slowed last quarter on the weakest consumer demand in 2 1/2 years and tighter government spending, validating the central bank’s decision to cut interest rates.

Third-quarter gross domestic product advanced 3.1 percent from a year earlier after a revised 3.8 percent expansion in the April-June period, a Bureau of Statistics report released in Sydney today showed. That matched the median of 25 estimates in a Bloomberg News survey. Growth was 0.5 percent from the previous three months, when the quarterly gain was 0.6 percent.