6 Dec 2012

Australia's economic growth slows

1:43 pm on 6 December 2012

Australia's economic growth slowed slightly last quarter, with the economy growing 3.1% in the year to September.

Growth for the September quarter came in at a sluggish 0.5% seasonally adjusted, down from 0.6 per cent in the June quarter, figures from Australia's Bureau of Statistics show.

The annual pace of economic growth also slowed to 3.1% down from 3.7% in the June quarter.

However, if Australia's economy kept tracking at its September quarter pace, it would only grow 2% over the next year, well below average levels which are seen to be around 3.25%.