Wednesday, 03 Jun 2020 12:10 PM MYT
Data from the Australian Bureau of Statistics showed the A$2 trillion economy contracted 0.3 per cent in the quarter ended March, the first decline in nine years. “Based on what we know from Treasury, we’re going to see a contraction in the June quarter, which is going to be a lot more substantial than what we have seen in the March quarter,” he told reporters in Canberra.
Household consumption was the biggest drag on growth last quarter with massive falls in spending on clothing, cars, transport, recreation, hotels, cafe and restaurant.The economic fallout deepened in Australia as the number of local coronavirus cases surged from less than 100 in early March to more than 7,000 now, forcing the government to shut borders and restrict large gatherings.
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