Coronavirus and bushfires tip Australia into first recession in 29 years

Coronavirus and bushfires tip Australia into first recession in 29 years

Australia’s economy shrunk by 0.3% in the March quarter, according to the national accounts figures. The treasurer Josh Frydenberg said the contraction was less severe than many other countries battling the economic shock associated with the coronavirus pandemic, but acknowledged the country was now in recession – ending three decades of continuous economic growth.
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Coronavirus live update: Josh Frydenberg says Australia’s economy in recession as GDP falls 0.3% in March quarter – latest news ► https://www.theguardian.com/australia-news/live/2020/jun/03/coronavirus-australia-latest-updates-unions-employers-industrial-relations-jobs-covid-19-nsw-queensland-victoria-travel-borders-restrictions-live-news

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