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.
Investment spending on new homes and alterations continued to fall – by 1.7 per cent – and business investment spending fell by 0.8 per cent. So, all told, the private sector’s subtraction from growth increased to 0.8 percentage points. You see happening in this recession what happens in every recession: it’s the private sector that contracts, whereas the public sector expands to fill the vacuum. The extent to which governments apply “fiscal stimulus” and allow their budget deficits to rise has a big influence on how severe the recession is, how high unemployment goes and how long it takes to get everyone back to work.
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