That's the slowest annual growth rate since September 2008, when Australia was in the midst of the global financial crisis.
The size of the hit was cushioned by increased government spending, which added 0.3 points to GDP, and strong exports, adding 0.5 points.Australia's horrific summer of bushfires marked the beginning of the decline.This was the first drop since December 2008 and the annual result of a 0.2 per cent decline was the weakest since March 2009.
Summer's bushfires led to a strong drop in tourism-related activity, including travel, accommodation and food services in regional areas, while $1.4 billion was paid out in insurance claims. The June quarter numbers, which will be revealed in September and feed into the 6 October federal budget, are widely expected to be much worse - in the realm of a nine per cent contraction.
It happened two years ago Josh you just realising now.
So the abacus is working this week Josh?
Well they had announce it officially. We all know that we are in recession. I have been going without for years now Im used to it. You will have get used to cutting back too. Rationing
Should read… “JoshFrydenberg breathes sigh of relief he can blame COVID19 for recession that was coming anyway.” There, fixed it for you. We've been in a per-capita recession for some time now. Don't forget the last two weeks of March were the mad spending spree to hoard.
Because also we punched China who is our the largest client , as Morrison gov like stand with US
RichardYabsley Two consecutive quarters of contraction makes a recession. We have had one at -0.8% & Josh says we're in recession but somehow thinks we've passed the worst. The June quarter will be a nasty surprise to him. I wonder if he'll even remember what he said today when that's announced
sbsnews a song for JoshFrydenberg and the G7 New World Normal Order and one for PennyWong and her sick Cow 🐄 with BovineCoronavirus
The economy was stalling before the fires started and their defunding made sure we were in the worst shape heading into a pandemic?
The Recession Australia didn’t need to have as the economy was stuffed long before there was any inkling of covid19 and this Government did nothing to plan for our future and now we wear the consequences for their inaction.
No bloody idea what to do for long term, let alone short term. Making policies on the run is very dangerous not for them but the rest of the population?
Fixed it for you 'Treasurer Josh Frydenberg has confirmed Australia is now in a recession as the economy reels from seven years of corrupt and incompetent LNP gunnament.'
Thanks Josh! Thanks Scott!
If you take all the money, and concentrate it in the hands of a few , who put it all in offshore accounts , what do you expect ?
Of course it was labors fault then the fires fault then covid19 fault but never Josh’s fault the economy has under the LNPCrimeFamily been heading south for a long time stagnate wages growth low interest rates so the LNP will fix it by cutting wages and public service jobs
Oh WHAT? I thought we were back in black this year? Or was that Back on Crack? Back in the Sack? I get so confused with Fried Burger's braying, snorting and rorting performances 🤔
Peter Costello couldn’t get us into recession. Neither could Wayne Swan, despite the GFC. Nor Joe Hockey, despite delivering the worst budget since Federation. And Morrison, bless his heart, didn’t manage it either. But you, JoshFrydenberg , in barely a year, you got us there!
Josh didn't call this one early for some reason
Doncha know 'it is all Labor's fault'...... are they still chanting that BS?
A recession was happening before the virus so from now on the gov will blame the virus
Fund States/ Territories to build Public/ Social Housing JoshFrydenberg ScottMorrisonMP as per post WW2 was done. Houses then were built within 10 weeks, ppl knew within 3 months they had a home. Add in the ability for ppl to buy from rent payments. Eradicate homelessness ASAP
We saw this coming with or without a pandemic
Recessionberg
No kidding Sherlock, tell us something we don’t know!? Oh, that’s right, you guys just rort away until you get f’ing caught.
And this is just the beginning
Typical LNP. Private sector investment was in massive decline before the bushfires or covid. We've been in a per capita recession for 18 months. Sadly the people voted for austerity, which is what you'll be getting in September. Push the economy off of a cliff
Those 'Back in Black' mugs should be appearing in Op. shops any time now.
What do we do with all the excess mugs? joshiefromaccounts scottyfrommarketing
Corona just fast tracked it. under these 🤡 we were heading there anyway.
gurrcyy
What a sad legacy he has left for Australia.
How about asking for a compensation from China, say 1 trillion AUD as a start?
Wonder if quirk of timing may help Australia a little? Suspect the majority of general public (consumers =55%+ of gdp) will see -0.3% GDP headline and think 'that's not as bad as I expected' vs if virus hit in Jan and -15% headline. Relative confidence leading to more spending?
So the retail recession we’ve been in since 2017/18 is due to coronavirus too? Recession was just over the horizon, the libs knew it was coming, the pandemic has only quickened the inevitable
The coalition refused to acknowledge the GFC happened when Labor avoided a recession so why should we let them claim covid for them not avoiding one! We were headed for recession months before covid popped its ugly head up!
A recession was likely to happen anyway on 2019's numbers, just now with the bushfires & coronavirus Scott Morrison & Josh Frydenberg have an excuse...the real question is how do we get out of it with a govt of clueless, incompetent and corrupt circus clowns?
.And their poor planning and worse policy making will make it worse and last longer. Shame they racked up so much debt in the 'best economy ever' years
Approx 3 years after the fact.
Created by the media and China
We have been in a per capita recession for 12 years. The economy was sliding down a hill for that entire time. The virus didn’t destroy the economy, it was a strong breeze that blew a gutted house down.
These goons & their media buddies have been ramming lies down our throats for a decade that they are better than Labor. Look at where we are now with the failed stimulus. These clowns need to be gone!
Do people realise a lot of people won’t have jobs to go back too?
They never mention the under employment rate and real unemployment was beyond 10% before Covid 19. Once the real defaults begin our banks are gone too. The whole finance system is a lie and a farce.
Been in recession many times on a per capita basis. Only the population ponzi has keep these ‘purely optic’ numbers out of the facts. It’s a fragile economy
It that feeling you get when you wear clown hat, which says on the front 'Financial Genius!'. Then you turn it around, and you find out, it's just a clown hat .. 🃏
It has been for a while - but it can now be blamed on bushfires-pandemic-oil/gas crisis instead or rorting, mismanagement and neo-capitalism. Rural-regional Oz are in a depression. Spiralling inequity, no wages growth and growing poverty were the first clue - a while back.
Impossible. Trickle down economics right? Riiight?
denniallen Is he wearing big boy pants yet ?
denniallen First recession in 29 years Fraudandburglar! What a seriously bad resume you have there!
This mob couldn't organize a root in a brothel. Having suffered through the early 90s recession I am in no mood to suffer through another.
Shit.
Training wheels Fraudenberg will at least go down in history for something.
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