Global Economy

Australia's Economic Growth Slowed in Third Quarter as High Rates Bite


SYDNEY—Australia’s economy grew by less than expected in the third quarter, fanning concerns that the Reserve Bank of Australia may have hit the policy brakes too hard by continuing to raise interest rates earlier this month.

The economy expanded 0.2% in the third quarter and 2.1% from a year earlier, the Australian Bureau of Statistics said Wednesday. Economists had expected growth of 0.3% in the quarter.

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