AUD News 

Australia’s economy slows, debt-laden consumers a deadweight

“Wednesday’s report on gross domestic product (GDP) showed the economy expanded 0.3 percent in the third quarter, half of what economists had expected” writes unknown author for cnbc.com. Australia’s economy slowed more than expected last quarter as consumers reacted to tepid wage growth by shutting their wallets, a disappointing outcome that sent the local dollar sliding as investors pushed out the chance of any rate hike.The news came as fears of a possible slowdown in the U.S. economy and the Sino-U.S. tariff slugged world shares and threatened future business investment.The figures also imply growth in the year to June was 3 percent, rather than the originally report 3.4 percent.
 
Source: cnbc.com



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