Australian economic slowdown looming: Survey

Australia's economy faces an "abrupt slowdown" as domestic demand slows under pressure from high interest rates and rising food and fuel costs, according to a survey released Wednesday.
The monthly Westpac-Melbourne Institute leading index, which indicates the likely pace of economic activity three to nine months into the future, was 3.3 percent in March, well down on its 4.4 percent long-term average.
Westpac senior economist Matthew Hassan said the reading was consistent with a sharp fall in domestic demand in 2008 and 2009.
"The leading index continues to point to an abrupt slowdown in economic activity," he said.