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Recession confirmed as COVID-19 sees Australia’s economy post its biggest fall on record – ABC News
Australia is officially in its first recession for almost three decades, with the June quarter GDP numbers showing the economy went backwards by 7 per cent — the worst fall on record and a second straight contraction.
Australia is officially in its first recession for almost three decades, with the June quarter GDP numbers showing the economy went backwards by 7 per cent the worst fall on record and slightly worse than most economists had predicted.
Key points:
- GDP plunged 7 per cent in the June quarter, more than three times the previous biggest fall of 2 per cent in 1974
- Household expenditure fell 12.1 per cent
- With fewer places to spend money the household saving rate jumped from …
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