Australian economy contracts 0.5 per cent in September
CANBERRA, Australia — Australia’s economy contracted in the September quarter for the first time since early 2011, the government said Wednesday, as the economy adjusts to weaker Chinese demand for its biggest exports, iron ore and coal.
The economy contracted by 0.5 per cent over the three months. Annual growth was 1.8 per cent, the Australian Bureau of Statistics said.
Growth in the year through June had been 3.1 per cent.
A decline in new business investment was the dominant cause for the contraction in September, Treasurer Scott Morrison said.