Hampered by flooding, an increase in taxes, and weaker demand for Australia’s exports in China and India have combined to hand the economy the greatest three-month loss since 1991. For the first three months of the year, the Australian economy contracted by 1.2 percent and while significant, it was better than many had predicted.
Despite the setback, Australian dollar gained 0.6 percent on the US dollar shortly after the news was released.
Source: BBC News
