The Australian is reporting the nation “has been plunged into its first recession in three decades by the once-in-a-century COVID-19 pandemic, ending the nation’s record 29-year growth, with Josh Frydenberg warning of a “far more severe” hit to the economy in the June quarter. “This was always going to happen,” Mr Bond told Sky News host Peter Gleeson.
“The theory of eternal growth is excellent but a lot of people banked on it” and will be hurt by the economic fallout of the coronavirus. Mr Bond said the only reason the Reserve Bank of Australia has been dropping interest rates for the past two years is because “the Australian economy has been slowing down”. “We weren’t necessarily looking down the barrel of an immediate recession but there were definitely measures that had to be taken to make sure the economy did keep growing”.
See what he says when the June quarter figure comes out.
CCP has always been about 'MONEY' AND THAT itself is their biggest weakness. FOLLOW THAT TRAIL and HIT it hard to send a signal for SANCTIONS ON SO MANY level for all their HR-abuses(HK,tibet,tw etc) & CCP 0 transparency pandemic caused by their cover ups!
Brazil registered record number of coronavirus deaths over the last 24 hours
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Confronting footage shows Aus news crew attacked by US police | Sky News AustraliaThere are calls for an official response from Washington over an attack on an Australian television news crew outside the White House.\n\nAustralia's embassy in Washington is now investigating the incident, in which police charged at a cameraman and a reporter covering the protests. \n\nImage: AP TO PRESIDENT TRUMP FOR DOWN TRUMP THE RACIST OF ISLAM They were hiding behind a pillar as the looked mjved forward and they were both dressed in black from head to toe and neither one of them had any shirts or bright writing in their shirts saying “PRESS “ .....what did they expect ? A cup of coffee and a muffin ! I get it, it happened, but how the heck is the police able to tell the difference between an Aussies or Americans at that time. When your in riot mode, every civilian looks like the enemy. I only wish it was a CNN crew instead lol.
Source: SkyNewsAust - 🏆 7. / 78 Read more »
Black Lives Matter protests spread to streets of Australia | Sky News AustraliaThousands of protesters have flouted social distancing restrictions by marching through the Sydney CBD in solidarity with demonstrators in the US over the death of George Floyd.\n\nThe 'Black Lives Matter' rally started in Hyde Park before making its way to State Parliament. \n\nAuthorities said the protest remained entirely peaceful and no arrests were made. \n\nA second, larger rally is scheduled for the weekend. Will sky readers think is about US protestors and not aboriginal deaths in custody despite the obvious signs? To hell with social distancing, Australians can see Covid 19, is having virtually zero effect on mainstream Australia Goatboy641 ALL LIVES MATTER YOU CLOWNS!
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Virgin Australia administrators reveal two final bidders | Sky News AustraliaVirgin Australia administrators have narrowed down two bidders for the airline as the end of June sale deadline approaches. \n\nBain Capital and Sirius Capitol Partners have been revealed as the two potential buyers with lead administrator Vaughn Strawbridge announcing both are well funded and experienced in the aviation sector. \n\nImage: News Corp Australia good - they owe me $4,000 for a cancelled ticket - but i do wish them well - great airline!
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Australia 'should focus' on the September recovery quarter | Sky News AustraliaSky News business editor Ticky Fullerton says “the really interesting thing that everyone should be focused on” is the September quarter results, as “it is the quarter around recovery”.\n\nAustralia’s gross domestic product contracted by 0.3 per cent in the March quarter, paving the way for a technical recession – pending June’s results.\n\nA technical recession occurs after two consecutive quarters of negative GDP growth.\n\n“Really predictable, but despite everything we’ve managed remarkably well,” Ms Fullerton said.\n\n“The kitchen sink has been thrown at the June quarter and we are going to see us falling off a cliff.”\n\nMarch’s contraction ends the longest running expansion of any advanced economy in the world, 29 years.\n BizTicky Job keeper still around then, how about December qtr 😬😬 BizTicky Yes skip the bad quarters and hope the September quarter is up . The first government in 30 years to lead us into a recession so much for better economic managers. BizTicky So if we forget about the bad stuff it never happened? Cool.
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Australia to record its first recession in almost 30 years | Sky News AustraliaTreasurer Josh Frydenberg has called Australia's latest GDP figures evidence of the 'economy's remarkable resilience', despite conceding the nation will slip into recession in the June quarter.\n\nAustralia's Gross Domestic Product contracted by 0.3 per cent for the March quarter - broadly in line with market expectations of about 0.4 per cent.\n\nThe result means Australia will record its first recession since June 1991, when Paul Keating was prime minister.\n\n'In response to this one-in-100-year global event, we put in place a series of health measures that have hit the economy hard. These were tough decisions, but these were decisions we had to take,' Mr Frydenberg said. \n\nMr Frydenberg said while the figures were disappointing, Australia’s economy is performing much better than other developed nations. \n\n'While, tragically, 102 people have died as a result of the coronavirus, it stands in stark contrast to the United States, where more than 100,000 people have lost their lives, and the United Kingdom, where around 40,000 people have lost their lives.\n\n'To illustrate how bad we thought it could get, we purchased 5,500 ventilators, but today, there is just one person in an Australian hospital on a ventilator as a result of the coronavirus.'\n\n'Indeed, Australia's performance in the March quarter compares very well to that seen in other nations, with negative growth of 9.8% in China, 5.3% in France, 2.2% in Germany, 2% in the United Kingdom, and 1.3% in the United States.'\n\n'Growth was rising, unemployment had fallen to 5.1% in January, 5.1 million jobs had been created and the budget was back in balance for the first time in 11 years,' he said.\n\n'As the Reserve Bank governor said last week in evidence to the Senate committee on COVID-19, with the national health outcomes better than earlier feared, it's entirely possible that the economic downturn will not be as severe as earlier thought.'\n\n\nImage: News Corp Australia\n JoshFrydenberg That's cos you don't want to sell to the Chinese so the Chinese aren't buying JoshFrydenberg Sure Josh. JoshFrydenberg Quick, let's buy votes with renovations!
Source: SkyNewsAust - 🏆 7. / 78 Read more »
Recession announcement ‘a sad day for Australia’ | Sky News AustraliaUnlike its 1991 predecessor, the current recession is truly the “one we were indeed forced to have,” according to Sky News Political Editor Andrew Clennell.\n\nAustralia recorded its last recession in June 1991, with Paul Keating Australia's treasurer.\n\nThe recession was severe, with unemployment climbing to almost 11 per cent in 1992 and interest rates surging to 10 per cent.\n\nMr Clennell said Mr Keating’s claim the downturn was the “recession Australia had to have”, became an “extremely politically damaging statement for the Hawke and Keating governments.”\n\n“For obvious reasons then, as Josh Frydenberg earlier this afternoon announced a recession, he avoided a similar term,” Mr Clennell said. \n\n“It would have been more appropriate if Josh Frydenberg had said that today. Because of the health shutdown, this is the recession that were indeed forced to have.”\n\nThe treasurer on Wednesday confirmed Gross Domestic Product contracted by 0.3 per cent in the March quarter, with economists certain the June quarter will be even worse.\n\nThat means Australia will slip into its first recession in 29 years due to the shutdown measures enacted to slow the spread of COVID-19.\n\nMr Clennell said the result is a “sad day,” but it’s worth remembering Australia’s relative economic strength compared to comparable nations.\n\nHe said the government will be hopeful the economy can begin to recover now the stringent lockdown restrictions are being lifted across Australia.\n\n“Frydenberg is hopeful here that with restrictions coming off, we can dig ourselves out of this hole somewhat,” Mr Clennell said.\n\n“He says it is time for things like tax reform because we need to get business going again and that needs infrastructure, tax reform, industrial relations reform, changes to skills.”\n\n aclennell aclennell 1qtr contraction had almost NOTHING to do with corona. And everything to do with ALL major economic indicators going south months/years prior to bushfires and Covid. Superior economic managers my a..rse aclennell fakenews
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