Australia is officially in its first recession for almost three decades, with the June quarter GDP numbers showing the economy went backwards by 7 per cent, the worst fall on record.GDP plunged 7 per cent in the June quarter, more than three times the previous biggest fall of 2 per cent in 1974With fewer places to spend money the household saving rate jumped from 6 to 19.8 per cent
It is the first time this has happened since 1991, although the scale of the downturn is vastly greater than "the recession we had to have", where the economy shrank 1.3 and 0.1 per cent. Private demand took 7.9 percentage points off the economy, while a trade surplus and increased government spending added back 1 and 0.6 percentage points respectively.
With fewer ways to spend money available, and amid financial concerns from the pandemic, households were saving around $20 for every $100 they earned, a big increase from $6 at the start of the year.
No wonder TheirABC has been so silent about New Zealand and their Leftard princess Arden …
And doesn't The ABC just love it.
Need a state by state breakdown to understand the effects that covid restrictions ring out on economies
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Australian economy showing 'remarkable resilience' despite COVID havoc | Sky News AustraliaTreasurer Josh Frydenberg has praised the remarkable resilience of the Australian economy in the face of the COVID-19 pandemic which has 'wreaked enormous havoc across the global economy'. \n\nDuring Question Time on Tuesday, Mr Frydenberg spoke of the 'staggering' impact on GDP being experienced around the globe in the fallout of the pandemic. \n\n'In the United Kingdom, it's been around 20 per cent, in France it's been around 14 per cent,' he said.\n\n'In Germany it was 10. 1 per cent and the United States it was 9.1 per cent'. \n\nAustralia's GDP is widely predicted to take a hit in when the National Accounts for the June Quarter are released on Wednesday. \n\nHowever, Mr Frydenberg said the expectation is that the fall in Australia 'will not be as large as we've seen in other countries around the world'. \n\n'Indicating the remarkable resilience of the Australian economy,' he said. \n\nMr Frydenberg also said there have been 340,000 jobs created over the last two months in the country. \n\nImage: News Corp Australia JoshFrydenberg Why did the morrison government give millions from the relief to Murdoch media? JoshFrydenberg But even your best pokie players know when to pull out JoshFrydenberg Hydroxychloroquine Should Be Available Over The Counter
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