This makes it certain that Australia will suffer its first recession in 29 years, as the full impact of coronavirus-related shutdowns occurred during the current June quarter.
Economists widely define a recession as two consecutive quarters of GDP contraction, which are now certain to occur. Even before the full effect of the coronavirus hit, Australia's economy recorded its slowest annual growth in more than a decade, according to the ABS. "This was the slowest through-the-year growth since September 2009, when Australia was in the midst of the global financial crisis, and captures just the beginning of the expected economic effects of COVID-19," the bureau's chief economist, Bruce Hockman, said.
The ABC is so far left it makes me sick... State the obvious why don’t you! Report facts and figures, not biased opinion.
What’s the value of the Back in the Black coffee mugs?
smh The pundits keeps saying the economic downturn is due to travel bans and social distancing. This ignores the fact that most of us didn't want to go anywhere regardless. We were scared.
what a time to be alive
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