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
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