Australian economy stuck in slow lane as consumers stamp on brakes
Share:
SYDNEY (Reuters) - Australia's economy struggled last quarter as cash-strapped consumers refused to spend, even going so far as saving a tax give-away that had been touted by the government as a major fiscal boost.Data out Wednesday showed gross domestic product (GDP) rose 0.4% in the September quarter, missing forecasts of 0.5% and down from a revised 0.6% the previous quarter.Annual growth edged up to 1.7%, from a revised 1.6%, but remained far below the 2.75% pace considered "trend".Gains..