Australia has entered it’s 29-year dream run of economic growth, after grinding to a 0.2% contraction in the March quarter largely bought on by bushfires and the COVID-19 crisis pandemic.
Treasurer Josh Frydenberg today said Australia avoided economic ‘armageddon’, and talked up the ‘economic resilience’ of the nation.
But with hundreds of thousands of Australians still out of work and the expectation of another quarter of contraction, it appears the bad news won’t stop any time soon.
0:00 Andrew Probyn’s political report
2:38 Australians keep a firm grip on their money as spending slumps
Read more here:
Australia in its first recession in 29 years as March quarter GDP shrinks – https://www.abc.net.au/news/2020-06-03/australian-economy-gdp-recession-march-quarter-2020/12315140
Analysis: Recession was obvious for Australia, whether GDP numbers confirmed it or not – https://www.abc.net.au/news/2020-06-03/australia-recession-was-obvious-regardless-of-gdp-figures/12316552
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