UPDATE 1-Australian economy slows to a crawl in Q3, missing forecasts

Australia's economy barely grew in the third quarter as households cut back on spending and exports flagged, while productivity picked up as desired, suggesting rate hikes were working to restrain demand. Data from the Australian Bureau of Statistics on Wednesday showed real gross domestic product (GDP) rose 0.2% in the September quarter, short of forecasts of 0.4% and the slowest growth in a year. The slowdown in the economy would be welcomed by the Reserve Bank of Australia, which opted to stand pat on Tuesday to allow more time to assess the impact on the economy from a whopping 425 basis points jump in interest rates.