Australian exchange traded funds (ETFs) might be rubbed the wrong way to hear that the household debt-to-income ratio there is at 177% – higher than that of the United States.

Australians have been tapped out by rising fuel costs and increasing mortgage rates, says Carl Delfeld for ETFXray. Consistent growth still reigns, but there have been some signs of slowing.

Evidence of a hesitant consumer and a sluggish economy is chipping away at the Australian dollar, which has fallen to a three-month low, taking the New Zealand dollar with it. The Reserve Bank of Australia left borrowing costs at 7.25%, reports Ron Harui for Bloomberg. On the news, the New Zealand dollar dropped to its lowest since Sept. 19, while the Aussie fell to its lowest since April 14.

Australia’s central bank showed signs of cutting borrowing costs, a first in almost 7 years. The slower economic growth has helped to stave off inflation. This has been a trend of banks around the world, as bakers try to cushion their economies from slower growth, reports Jacob Greber for Bloomberg.

ETFs that can relate down under:

• iShares MSCI Australia Index (EWA), down 16.1% year-to-date
• CurrencyShares Australian Dollar Trust (FXA), up 7.8% year-to-date
• Australia NETS Trust (AUS), down 11.1% since April 10 inception
• WisdomTree Dreyfus New Zealand Dollar (BNZ), launched on July 8
• Elements Australian Dollar (ADE), up 1.2% since April 4 inception

Read the disclosure, as Tom Lydon is a board member of Rydex Funds.

Tags: ADE, AUS, Australia, BNZ, Currency ETFs, EWA, FXA, New Zealand, New Zealand Dollar, Retail