Australia economy slows sharply in third quarter

Making a point: RBA governor Michele Bullock speaks at a forum in Melbourne. The central bank’s latest staff forecasts predict the economic expansion will ease to 1.5% by the end of the year before picking up to 2% in late 2024. — Bloomberg

SYDNEY: Australia’s economy surprisingly slowed sharply in the three months through September as consumers hunkered down in the face of rising borrowing costs while trade detracted from growth.Gross domestic product (GDP) advanced 0.2% from the prior quarter, slower than economists’ estimates of a 0.5% gain, Australian Bureau of Statistics (ABS) data showed yesterday.

A year earlier, the economy grew 2.1% from a downward revised 2%.