Australia experienced the slowest economic growth in two years over the second quarter due in part to a sharp fall in export volumes, official data showed on Wednesday, knocking the Australian dollar to its lowest in over six years.
The Australian Bureau of Statistics said gross domestic product (GDP) expanded by 0.2 percent in the second quarter, down from a solid 0.9 percent the previous quarter. That was the slowest quarterly pace since the first quarter of 2013.
The closely-watched measure of real net national disposable income fell 0.7 percent in the year to June.
"A lot of it appears to be statistical payback. Nevertheless, smooth out the last few quarters and it looks like we're running at somewhere around a 2.3 percent annual rate so it's a soft outcome whichever way you cut it," said Michael Blythe, chief economist at Commonwealth Bank.