Australian Economic Growth Drops to Lowest in 8 Years

Australia’s Gross Domestic Product disappointed expectations, adding 0.1% in the three months through September versus forecasts calling for a 0.2% increase. The annualized result registered as predicted at 1.9%, down from 2.7% in the year through the second quarter. This puts the pace of economic expansion at the slowest in 8 years.

The Reserve Bank of Australia moved to slash borrowing costs by a whopping 3% since early September to check the slide in growth. However, yesterday RBA Governor Glenn Stevens suggested rate cuts are over for the time being even as he lowered borrowing costs by another 100 basis points. Stevens said that “a major easing in monetary policy…together with spending measures announced by the Government and a large fall in the Australian dollar” will support demand over the year ahead.

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