Australia slips into recession

Canberra, September 2

Australia’s financial system suffered its sharpest financial contraction because the Great Depression as a result of pandemic, with information launched Wednesday confirming the nation is in its first recession in 28 years.

The financial system shrank 7% in June, the most important contraction since information started in 1959, the federal government reported.

Prime Minister Scott Morrison instructed Parliament: “This is a devastating day for Australia.” The nation is now in recession for the primary time in 28 years following a 0.3% drop within the first quarter of the 12 months, because it has logged two straight quarters of contraction.

“Today’s national accounts confirm the devastating impact on the Australian economy from Covid,” Treasurer Josh Frydenberg stated. — AP

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