Australian growth slows as govt cuts spending

Australia’s economy slowed last quarter as the government and consumers tightened spending, validating the central bank’s decision to cut interest rates yesterday.

Third-quarter gross domestic product advanced 0.5 per cent from the previous three months, when it expanded 0.6 per cent. The result compared with the median of 25 estimates in a Bloomberg News survey for a 0.6 per cent gain.

via Business feed http://www.scmp.com/business/economy/article/1097916/australian-growth-slows-govt-cuts-spending