Australian economy contracts 0.5 percent in September
CANBERRA, Australia — Australia’s economy has contracted in the September quarter for the first time since early 2011.
The Australian Bureau of Statistics said on Wednesday that the economy contracted by 0.5 percent over the three months. Annual growth was 1.8 percent.
The economy last shrunk in March 2011 after record flooding effected farm and coal exports, and before then in September 2008 after the global financial crisis.
Australia has not experienced a recession — two consecutive quarters of contraction — in 25 years.