Australia records worst economic slump in nearly 30 years

Australia records worst economic slump in nearly 30 years

Australia has entered its first recession in nearly 30 years because of the economic slump from the coronavirus pandemic.

The country’s $1.47 trillion economy shrank 7% in the three months to end-June from a 0.3% decline in the March quarter.

“This crisis is like no other,” Treasurer Josh Frydenberg told reporters in Canberra. “Today’s national accounts confirm the devastating impact on the Australian economy from COVID-19. Our record run of 28 consecutive years of economic growth has now officially come to an end.”

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn

multimedia

news