What caused the economy to contract

(Australian Associated Press)

 

Australia’s gross domestic product fell 0.5 per cent in the September quarter, cutting annual economic growth to just 1.8 per cent. Here’s why:

* Consumer spending grew by just 0.4 per cent in the quarter, the weakest growth since 2013.

* Housing investment fell 1.4 per cent, a correction from strong growth in previous quarters.

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