Josh Frydenberg said the coronavirus pandemic swung "a wrecking ball" through the economy but said Australia was doing better comparatively than other nations. "The impact... on GDP in the June quarter across the world has been staggering," Mr Frydenberg said. "In the United Kingdom, it has been around 20 per cent. In France, it has been around 14 per cent.
" The contraction represented the worst economic downturn since records began in the 1950s - dwarfing a two per cent quarterly drop in 1974. The Reserve Bank of Australia unsurprisingly announced yesterday it would again keep the cash rate on hold at the record low 0.25 per cent but Governor Philip Lowe confirmed another cut was unlikely for the "forseeable future".
No surprise, it will be interesting when we can start the recovery? With the premiers not even considering opening borders and businesses, probally not for a while. 😪
Geez, why didn't you warn us this would happen if Bill Shorten became PM.
The treasurer has done very little to make the GDP smaller
Any coffee mugs to mark this occasion?
We’ve been in a per-capita recession for nearly 2 years now. This was always going to happen, because the Liberals can’t manage the budget!
I’d call that a depression.
So he lied when he said we would be in surplus this year ? This government is an abject failure at managing the economy.
We were on our way there before covid, no matter how much they fudged the figures
Or joshfromaccounting and ScottyFromMarketing screwed the country and we were in recession before covid19......
Yeah but...Dan Andrews blah blah.
Certainly been on its way there for quite awhile though.
He should stop public speaking before we're all sunk.
Surely we went into recession late last year before the pandemic hit us? They were refusing to spend on stimulus because wanted to bag that surplus so could gloat about it for years to come.
Back. In. Black.
Back in Black! Fraudenberg
Don't do the address, Josh Falken, the economy cannot stand it! auspol (In the spirit of Daniel Anderson)
How can he announce what he’s already talked about for months 🤷🏼♂️
If the states are independent corporations how is Australia as a whole in a recession?
I think you spelt it wrong, it should be SUPRESSION! Australians Suppressed by draconian style rule driven by corrupt big business outside of this country.
FANTASTIC Well Done Great Work LittleJoshy Stand up take a bow 👏👏👏👏👏 TrillionDollarDebt from the TrillionDollarLiberals
Yuup sore it coming.
That's been the plan all a long. Go bust for the foreign takeover.
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