Economy rapidly slowing as cost of living, interest rate rises bite

Australia's economy slowed dramatically in the third quarter of this year as aggressive interest rate rises and cost of living pressures eat into household budgets. GDP in the quarter came in at just 0.2 percent, well below forecasts, making 2.1 percent over the year. The Bureau of Statistics says government spending and public investment have been major contributors to economic growth. Reporter: Peter Ryan, Senior Business Correspondent