Australia’s gross domestic product fell 7 per cent for the June quarter, revealing the financial wounds inflicted upon the economy from the initial lockdown sparked by the coronavirus pandemic.
ANZ is expected GDP to fall 7 per cent compared to the previous quarter, leaving the annualised figure at 6.3 per cent below levels last year. Finance Minister Mathias Cormann told the Today show that economies around the world have been hit very hard by the impact of the coronavirus pandemic.“The UK in the June quarter experienced a contraction of 20 per cent in the one quarter.Senator Cormann said Australia had been heading in the right direction in June and early July.
He said telling unemployed Australians that the circumstances weren’t as bad as other countries was “meaningless”.
OMG
Thanks government
Doesn’t seem reflected in the stock market and property prices which are being artificially kept afloat by the corrupt wealth. It will hit the lower and middle classes the hardest- and the rich will keep getting richer.
What now, ! here we go again, oh gosh, we will need to work so hard. What about the thousand of jobless and no businesses able to re open !!
Having recession! Ok history says we get economic cycles,then we will get back to good days for sure...but being slave of 🇨🇳 is a deadlock road ... so we should get rid of China forever soon
Thank the Karen’s. If individuals did the right thing Vic wouldn’t have been forced into second lockdown. Covid has just accelerated a recession in the making pre covid....
Thank you China!
The politicians facked everything up again.
oh well we had a good run for 28 years without issue
Breaking? It’s been recession for years!
The Australian economy was always a house of cards, successive governments from both parties relying on immigration, tourism, and international students, propping up an economy that's been dead for more than a decade.
The worst is yet to come. A lot worse and totally unnecessary. Dan playing politics knowing Feds are picking up the bill for now. Economic misery for a decade at least.
Don’t start blaming Morrison Govt.This is caused by Premiers especially Andrews not having any idea how to manage as one country they have all run it for the thrill of power.Andrews especially his dictator ways being told what to do by unions my opinion only Premieres .
The economy is fake. The government just prints money and gives it to people it likes.
MathiasCormann advises nations who haven’t guarded themselves against SARSCoV2 as well as Australia like BorisJohnson’ UK have suffered 20% drop in GDP vs Est. -6% for Aus ScottMorrisonMP living with CV19 is dumb auspol
...ready for thegreatreset! 😑allintheplan
Welcome to Jumanji
Jeez, quick as a whip you guys 🙄
Liberals are going to wheel out back in the Red Frydenberg so we can listen to his feeble excuse’s as to who is fault . Because it’s never the Liberals 😥
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