Aust stocks close lower

Local market finishes weaker as IMF head, US president warn on budget crisis.

The Australian stock market closed half a per cent lower as investors heard figures including the United States president and IMF head warn the US budget impasse could have dire consequences.

At the 1615 AEST official market close, the benchmark S&P/ASX200 index fell 0.51% to 5,208 points, while the broader All Ordinaries index declined 0.5% to 5,205.9 points.

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