Sydney - Australia's economy is growing at a quarter of the rate of a year ago, sparking fears that a global top performer has joined a slowdown evident in most of the rest of the developed world.
In the three months through the end of June, the gross domestic product (GDP) rose 0.3 per cent, figures from the Bureau of Statistics released Wednesday showed.
It was the slowest GDP growth rate in three years. The culprit was a sharp drop in household consumption, underlined by a 10-per-cent decline in car sales.
Credit growth was the lowest in 20 years with many households hard hit by petrol price increases and trouble keeping up with mortgage payments.