Bike share companies backpedal out of Australia

Less than a year after launching, Ofo bikes and Reddy Go are both pulling out

The wheels are falling off Australia's once burgeoning share bike economy, after two more companies announced they were pulling out of capital city markets.

China-owned Ofo bikes and the Australian company Reddy Go were both greeted as part of the shift towards bike sharing when they launched in Australia last year. Ofo is the largest bike-sharing company in the world, and has been labelled the "Uber for bikes".