Australia's economy takes sharpest dive since the 1930s

The economy shrank 7% in the June, the biggest contraction since records began in 1959, the government reported.Newsletter sign-up: Get The COVID-19 Brief sent to your inbox

"Today's national accounts confirm the devastating impact on the Australian economy from COVID-19," Treasurer Josh Frydenberg said. The previous biggest downturn since Australia began keeping records in 1959 was a 2% fall in June 1974. Economists estimate a sharper decline of 9.5% in 1930, when Australian became one of the countries worst affected by the Great Depression.The Organization for Economic Cooperation and Development figures show the average contraction among OECD countries in the June quarter was 9.8%, including a 20.4% slump in Britain, a 13.8% downturn in France and a 9.1% drop in the United States.

But Australia's iron ore miners have benefited from greater pandemic disruptions to their main rivals in Brazil.

Compared to how badly Justin has fukked over Canada, Australia is booming in comparison Despite CTV keeping its Fake News lips glued to Justin’s arse end.

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