Australia’s economy shrunk by 0.3% in the March quarter, according to the national accounts figures. The treasurer Josh Frydenberg said the contraction was less severe than many other countries battling the economic shock associated with the coronavirus pandemic, but acknowledged the country was now in recession – ending three decades of continuous economic growth.
Coronavirus live update: Josh Frydenberg says Australia’s economy in recession as GDP falls 0.3% in March quarter – latest news
In This Story: Australia
Australia, officially known as the Commonwealth of Australia, is a sovereign country comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands. It is the largest country in Oceania and the world’s sixth-largest country by total area.