Canberra, September 2
Australia’s financial system suffered its sharpest financial contraction for the reason that Great Depression because of the pandemic, with knowledge launched Wednesday confirming the nation is in its first recession in 28 years.
The financial system shrank 7% in June, the largest contraction since information started in 1959, the federal government reported.
Prime Minister Scott Morrison informed 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 yr, 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