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Australian economy turns corner but bumpy ride ahead, RBA chief warns – NEWS.com.au
Australian economy turns corner but bumpy ride ahead, RBA chief warns
With Australia officially out of recession, the head of the Reserve Bank says the turnaround was better than expected but warns were in for a bumpy ride.A recession is technically defined as two consecutive quarters of economic contraction.
GDP shrank 7 per cent in the June quarter – Australia’s worst contraction on record – and slipped 0.3 per cent in the March quarter.
But the latest figures show GDP grew by 3.3 per cent in the September quarter, and it is also expected to be “solidly positive”…
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