Australian Q3 GDP up 0.5%, shows moderate slowdown

Australia's economy slowed marginally in the third quarter. 

According to the Australian Bureau of Statistics, gross domestic product rose 0.5 percent in the three months to September, from a month ago. 

On a year-on-year basis, GDP grew over 3 percent. 

Growth was largely driven by the mining and manufacturing sectors. 

Just yesterday, the Reserve Bank of Australia cut rates by a quarter of a percentage point to 3 percent. 

That's its lowest level since the financial crisis in 2009.