SYDNEY (Bloomberg) - Australia's dollar dropped against all of its major counterparts after a report showed the economy contracted more than analysts forecast.

The Aussie slid as much as 0.6 percent versus the greenback after gross domestic product shrank 0.5 percent in the three months to September from the previous quarter, compared with a median economist estimate for a 0.1 percent contraction.

The currency slipped for the first time in three days Tuesday after the Reserve Bank of Australia held the key rate at a record low 1.5 percent, with Governor Philip Lowe noting in his statement that "some slowing in the year-ended growth rate is likely, before it picks up again." The Australian dollar fell 0.5 percent to 74.26 U.S. cents at 11:35 a.m. in Sydney from Tuesday, when it slipped 0.2 percent. It has fluctuated around 74 cents since dipping to a five-month low of 73.11 on Nov. 21.