Australia's economy takes sharpest dive since in 1930s

[TexasTowelie]

CANBERRA, Australia (AP) — Australia’s economy has suffered its sharpest quarterly drop since the Great Depression because of the pandemic, with data released on Wednesday confirming the country is experiencing its first recession in 28 years.

The latest national accounts showed the economy shrank 7% in the June, the biggest contraction since records began in 1959.

Its nearest rival was a 2% fall in June 1974, an economists estimate a sharper fall in the early 1930s when Australian became one of the world’s hardest countries by the Great Depression.

Combined with a smaller 0.3% drop in the March quarter, the definition of a technical recession -- two consecutive quarters of contraction — has been fulfilled.

Read more: https://www.joplinglobe.com/region/national_business/australias-economy-takes-sharpest-dive-since-in-1930s/article_8141b6b2-2f04-54d3-a06f-9a35b81af584.html

[Thyla]

1. A perfect storm decades in the making.

I'm surprised it took a global pandemic for it to happen and not sooner.

There is an awful lot of band aids that are going to hurt once ripped off for a bunch of people that should of known better.
A false economy in it's truest form that frankly needed to come crashing to it's knees.

On the brightside at least some of those houses we are looking at may be still available and a lot cheaper when the time comes. Cost of living may come down to something resembling sensible too.

[mahatmakanejeeves]

2. Pandemic Sends Australia Into First Recession Since 1991

Pandemic Sends Australia Into First Recession Since 1991

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