Business
Australia in first recession for nearly 30 years – BBC News
Australia’s economy has shrunk the most since records began in 1959 due to lockdowns.
Image copyrightGetty Images
Australia’s economy has plunged into its first recession in nearly 30 years, as it suffers the economic fallout from the coronavirus.
Gross domestic product (GDP) shrank 7% in the April-to-June quarter compared to the previous three months.
This is the biggest fall since records began back in 1959 and comes after a fall of 0.3% in the first quarter.
An economy is considered to be in recession if it sees two consecutive quarters of negative growth.
Australia was …
-
General18 hours agoCoroner to examine treatment of woman who died three days after surgery performed by former Queensland premier’s partner
-
General21 hours agoAlbanese beats drum on economy as trade clouds gather
-
Noosa News20 hours agoSurgeon partner of former premier to testify over his patient’s death
-
Business18 hours agoWhy Antipa, Cettire, Magnetic Resources, and Steadfast shares are pushing higher