Oz economic bust thanks to Big Australian

https://au.news.yahoo.com/thewest/a/25677375/wa-in-front-line-of-growth-deterioration/

http://www.copyright link/p/national/income_recession_confirmed_as_gdp_ljjfkAYI94laDKTlEck4VJ

Economic growth slowed sharply in the September quarter as the resources investment cliff hit hard, while national income was savaged by tumbling commodity prices.

The dollar plunged on the figures, released by the ABS on Wednesday morning, dropping below US84¢ for the first time in four years.

Gross domestic product rose was less than half the expansion forecast by economists.

A separate measure of real gross domestic income – or what households, companies and governments are paid for the nation’s production of goods and services shrank. The two straight quarters of contraction are official confirmation that the nation is now in the grip of an ‘income recession’.

One of the biggest risks from the nation-wide income slump is that it triggers second-round effects, prompting households and companies to curb spending and investment, leading to potential increases in unemployment and slower growth in the “real” economy.