Australia’s first recession in 30 years confirmed as economy plunges due to virus

Australia is now officially in its worst recession since World War II. This is the killer blow that turned the COVID downturn into a disaster.

The Australian economy has officially entered into a recession with the latest national accounts figures confirming the worst contraction since the Second World War.

Australia’s gross domestic product (GDP) fell 7 per cent for the June quarter, revealing the financial wounds inflicted upon the economy from the initial lockdown sparked by the coronavirus pandemic.

Read more: https://www.perthnow.com.au/business/economy/australias-first-recession-in-30-years-set-to-be-confirmed-as-jobkeeper-extended-ng-ec0e202418a90daed0847e2bb696977b