Once you shutdown an economy, this is what you get: Clennell | Sky News Australia

Sky News Political Editor Andrew Clennell says "once you shutdown an economy, this is what you get" following news Australia had entered its first recession since 1991. Mr Clennell pointed to a drop in household expenditure as a key factor with a 17 per cent drop in services including travel and social dining. "The concerning thing I think is, you get through this quarter and a couple of weeks into the next quarter you get the whole state of Victoria is locked down.

I know people are saying it'll be better next quarter because things have opened up but, what about the Melbourne effect? "Funnily enough, the household savings ratio is up from six per cent to 18 per cent." The Australian Bureau of Statistics revealed Australia's GDP contracted seven per cent in the June quarter, above market expectations, in what was the largest quarterly fall on record.

aclennell Perhaps when u offshore all manufacturing, sell off all ur resources to multinationals mates, stop wage rises etc the ponzi economy is destined to fail 🤔auspol

aclennell . Not to mention 10 years of household debt growing out of control, hidden unemployment thru the roof, wage stagflation, the limit of RBA single lever policy reached, and the intentional destruction of a manufacturing base. Oh but yes, the pandemic... .

aclennell Wish your 'journalists' would actually do some investigation and write fact! True it does happen, however this has been coming for longer the Covid-19 due to LNP mismanagement. You can't sustain an economy by reducing spendable income and making people feel unsafe to spend.

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