Virus lockdown pushes already weak economy into recession

confirmation of recession came not this week, but more than three weeks ago when the Australian Bureau of Statistics issued labour force figures showing that, in just the four weeks to mid-April, the number of Australians with jobs fell by an unprecedented 600,000.more. The total number of hours worked during the month fell by more than 9 per cent. Also unprecedented. In consequence, the rate of under-employment leapt by almost 5 percentage points to 13.7 per cent.

No, my point is just, don’t get the monkey confused with the organ-grinder. We don’t need GDP to tell us whether we’re in recession, we need it to help us understandSo let’s start again. The “national accounts” issued by the bureau this week showed real GDP fell by 0.3 per cent in the March quarter so that the economy grew by only 1.4 per cent over the year to March.To put that 0.

In contrast, government consumption spending grew by 1.8 per cent. Add modest growth in infrastructure spending and the public sector made a positive contribution of 0.3 percentage points to the overall fall in GDP during the quarter.Credit:Apart from a fall in inventories that subtracted 0.3 points from the overall change, that leaves “net exports” making a positive contribution of 0.5 percentage points. But that’s not as good as it sounds. The volume of our exports actually fell by 3.

Frydenberg claimed on Wednesday that the economy entered the crisis “from a position of strength”. This is simply untrue. People will stop believing what the Treasurer says if he continues playing so lightly with the truth.

Why not open borders in a safe way to help economy, like every other countries are doing?

So lets offer 25k for people to go into more debt in an overpriced housing mRket

Yup.. I always thought the Swedes would fuck it up

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