On Wednesday it was confirmed Australia’s economy has recorded its worst fall on record, contracting by seven per cent, officially ending the near three-decade streak of uninterrupted economic growth. The economy contracted year-to-year by 6.3 per cent. This contraction follows last quarter’s GDP figures, which saw a drop of 0.
3 per cent, largely attributed to the devastating bushfires in the early months of 2020, and not the full impacts of the coronavirus. “What a miserable situation,” Mr Kenny said. “And there is no doubt that damage is being exacerbated now because Victoria is a mess, an authoritarian, nanny state, locked down, zombie zone". Image: Getty
and government weakness giving handouts to businesses using welfare as a means to pay bonuses to their bosses..auspol
Well done all.
I haven’t heard anything on msm about the announcement of the CDC website stating that the 153.000 deaths recorded for COVID were incorrect and in fact it was just 6% of that figure. I’m sure that also translates to every country? What a scam!
LOCK HIM UP
Australia was sh*t before the pandemic.
Expect nothing else from a trump supporter!
Bit tired of the 'feed in more bodies to fire the economy' guys.
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Australia’s 'overreaction' to COVID-19 'damaged our society and economy' | Sky News AustraliaSky News host Chris Kenny says Australia should have done more to protect the elderly and less to harm society and hurt the young in responding to COVID-19. \n\nMr Kenny said the fact Australia overreacted to the threat of the virus is becoming increasingly apparent as the country learns more about the virus, treatments improve, and fatality rates around the world drop. \n\nAustralian National University’s Professor Peter Collignon said in a tweet on Tuesday the estimated infection fatality rate was close to zero for children and younger adults, but reached 0.4 per cent at 55 years, 1.3 per cent at 65, 4.5 per cent at 75, and 15 per cent at 85.\n\n“We should have been doing less to harm society, and hurt the young, and more to protect and support the elderly,” Mr Kenny said. \n\nMr Kenny said while the virus itself posed a moderate health risk to Australia, it was the country’s management of it which had damaged the nation’s society and economy incalculably. \n\nHe said the virus, as looked likely in February, “might always have been dealt with better by pulling out all stops to protect the vulnerable, to ring fence aged care homes and support the elderly, rather than crush society.”\n\n“The more we know about this disease, how it behaves, how we can combat it, and the mistakes we've made, the more it's clear we need to open up more, like Europe and North America, and learn to live with the disease,” he said. \n\nImage: News Corp Australia A bit hard when the heart and soul ($1.5bn) was ripped out of Aged Care before the crisis hit. Sad.
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AUSTRALIA IN RECESSION: Economy contracts by seven per cent | Sky News AustraliaAustralia’s economy has recorded its worst fall on record, contracting by seven per cent, officially ending the near three-decade streak of uninterrupted economic growth.\n\nThe economy contracted year-to-year by 6.3 per cent.\n\nThis contraction follows last quarter’s GDP figures, which saw a drop of 0.3 per cent, largely attributed to the devastating bushfires in the early months of 2020, and not the full impacts of the coronavirus.\n\nAustralia was last in a recession from 1990 to 1991.\n Thanks Dan! Are u surprised , FFS. .....the government has shut the country and the economy down .....there's a solution - stop believing in this covid bogeman shite , get everything opened back up and arrest the Politicians starting with the premiers ..... That's a start And there was absolutely no reason for the economic calamity at all. Our State and Federal leaders let us down completely...and continue to do so. Mass hysteria has ruined us economicly and socially
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Once you shutdown an economy, this is what you get: Clennell | Sky News AustraliaSky 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.\n\nMr 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.\n\n'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.\n\n'That's going to be a significant number next quarter. I know people are saying it'll be better next quarter because things have opened up but, what about the Melbourne effect?\n\n'Funnily enough, the household savings ratio is up from six per cent to 18 per cent.'\n\nThe 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.\n\nSky News Business Editor Ticky Fullerton said she believed Australia's economy had seen a 'lower dip' relative to other global economies.\n\n'If you compare us to say the quarters that have happened abroad, I mean, Britain; minus 20.4 per cent. The US fell by nine per cent; Europe by 12 per cent,' Ms Fullerton said.\n\n'Relatively speaking, our low has been a lower dip than elsewhere in the world.'\n\nThe drop ends a near three-decade streak of uninterrupted economic growth.\n\nImage: News Corp Australia 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. 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 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
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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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'Daniel Andrews is crashing the economy': Barnaby Joyce | Sky News AustraliaNationals MP Barnaby Joyce says Victorian Premier Daniel Andrew’s is crashing the economy by enforcing harsh lockdowns throughout the state. \n\nTwenty five of Victoria’s councils have zero active cases, yet they abide by the same lockdown rules that exist in places like Melbourne.\n\n“On the 1st of July 1851 from the headwaters of the Murray to Cape Howe, for some unknown reasons, a colonial person … created the state of Victoria, an arbitrary line determined by a river,” Mr Joyce told Sky News host Paul Murray.\n\n“And now that that person is using that arbitrary line to differentiate two areas which are epidemiologically the same, that is, they have no virus.\n\n“We should have stronger regional focus, and not state focus, because the state focus is an anachronism.” \n\nImage: Getty Barnaby_Joyce DanielAndrewsMP It's working so well that he's convinced NSW to increase the bubble for border towns. Congratulations, Dan Andrews on a great job for Victoria. Barnaby_Joyce DanielAndrewsMP You don’t say Barnaby. Barnaby_Joyce DanielAndrewsMP Allowing the virus to rip would wreck the economy. Getting it under control will lead to the fastest, strongest, and most durable recovery.
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