Australia Set For First Recession in three Decades


Australia Set For First Recession in three Decades

Australia is set for its first recession in 29 years as the country feels the impact of the virus pandemic.

Official figures show that the economy shrank by 0.3% in the first three months of the year, amid bushfires and the early stages of the outbreak.

Economists expect data for the current quarter to confirm that the shutdowns have pushed the country into recession.

It comes even after the government and central bank stepped up measures to support the economy.

The latest gross domestic product (GDP) figures highlight that the economy was struggling from a devastating bushfire season, a slowdown in tourism and weak domestic demand even before the virus-related restrictions started.

“This was the slowest through-the-year growth since September 2009, when Australia was in the midst of the global financial crisis, and captures just the beginning of the expected economic effects of Covid-19,” Bureau of Statistics chief economist Bruce Hockman said.

In March the Reserve Bank of Australia cut its main interest rate to a record low of 0.25%. The central bank also launched an unlimited bond buying programme.

While the central bank kept the cost of borrowing on hold at its meeting on Tuesday, Governor Philip Lowe said the country was facing the toughest conditions since the Great Depression.

“The Australian economy is going through a very difficult period and is experiencing the biggest economic contraction since the 1930s.”

However, he did add a note of optimism to his outlook: “It is possible that the depth of the downturn will be less than earlier expected.”

Glimmer of hope

“The rate of new infections has declined significantly and some restrictions have been eased earlier than was previously thought likely,” he said.

The Australian government has also pledged hundreds of billions dollars to help support businesses and individuals and has signalled that more stimulus measures would be announced soon.

What’s French Club Rugby Really Like Ben Mercer Reveals All

Last month Japan fell into recession for the first time since 2015 as the world’s third biggest economy shrank at an annual pace of 3.4% in the first three months of the year.

The week before Germany, Europe’s largest economy, slipped into recession, while other big economies, including the UK and the US are also seeing sharp downturns.

A recession is widely defined as two quarters in a row of economic contraction, or shrinking GDP.

Australia Set For First Recession in three Decades


  1. Greetings! I’ve been following your web site for some time now and finally got the courage to go ahead and give you a shout out from Kingwood Tx! Just wanted to mention keep up the fantastic work!

  2. You actually make it appear so easy along with your presentation but I find this matter to be really something that I feel I might never understand. It sort of feels too complex and extremely vast for me. I’m having a look ahead to your subsequent submit, I will attempt to get the dangle of it!

  3. Spot on with this article, I truly believe this website needs much more consideration. I?ll possibly be once more to read a lot more, thanks for that information.

  4. What i don’t understood is actually how you’re not actually much more well-liked than you might be now. You’re very intelligent. You realize therefore significantly relating to this subject, produced me personally consider it from numerous varied angles. Its like men and women aren’t fascinated unless it is one thing to accomplish with Lady gaga! Your own stuffs nice. Always maintain it up!

  5. I love your blog.. very nice colors & theme. Did you make this website yourself or did you hire someone to do it for you? Plz reply as I’m looking to construct my own blog and would like to find out where u got this from. many thanks

  6. This is really attention-grabbing, You’re an excessively professional blogger. I have joined your feed and look ahead to seeking extra of your magnificent post. Additionally, I’ve shared your website in my social networks!

  7. I’d need to verify with you here. Which is not one thing I usually do! I take pleasure in reading a put up that can make individuals think. Also, thanks for permitting me to comment!

  8. I don’t even know how I ended up here, but I thought this post was good. I do not know who you are but certainly you’re going to a famous blogger if you aren’t already 😉 Cheers!

  9. Hmm it seems like your blog ate my first comment (it was super long) so I guess I’ll just sum it up what I had written and say, I’m thoroughly enjoying your blog. I too am an aspiring blog blogger but I’m still new to the whole thing. Do you have any helpful hints for newbie blog writers? I’d really appreciate it.

  10. Good day! This is my first visit to your blog! We are a collection of volunteers and starting a new project in a community in the same niche. Your blog provided us beneficial information to work on. You have done a extraordinary job!

  11. Also a thing to mention is that an online business administration training course is designed for individuals to be able to well proceed to bachelor degree courses. The 90 credit diploma meets the lower bachelor college degree requirements then when you earn your associate of arts in BA online, you may have access to the newest technologies within this field. Some reasons why students want to get their associate degree in business is because they may be interested in this area and want to find the general knowledge necessary previous to jumping to a bachelor college diploma program. Thanks for the tips you really provide with your blog.

  12. My wife and i were quite happy when Louis could deal with his studies via the ideas he came across in your web pages. It is now and again perplexing just to be giving freely tips which usually the others might have been selling. And we also discover we’ve got the writer to appreciate for this. These illustrations you’ve made, the easy site navigation, the relationships you will give support to promote – it’s most astounding, and it’s helping our son and the family do think this subject is brilliant, which is exceptionally essential. Thanks for everything!

  13. After study just a few of the weblog posts on your web site now, and I truly like your approach of blogging. I bookmarked it to my bookmark website checklist and will be checking back soon. Pls take a look at my website as effectively and let me know what you think.

  14. Wow! This blog looks just like my old one! It’s on a completely different topic but it has pretty much the same page layout and design. Wonderful choice of colors!

  15. I have come to understand that fees for online degree pros tend to be an incredible value. Like a full College Degree in Communication in the University of Phoenix Online consists of 60 credits with $515/credit or $30,900. Also American Intercontinental University Online gives a Bachelors of Business Administration with a whole course feature of 180 units and a tariff of $30,560. Online studying has made taking your degree been so detailed more than before because you can easily earn your degree in the comfort of your abode and when you finish working. Thanks for all other tips I have learned through your website.

  16. There are absolutely a lot of information like that to take into consideration. That is a fantastic point to raise. I use the thoughts above as basic inspiration yet plainly there are inquiries like the one you raise where the most vital point will certainly be operating in sincere good faith. I don?t recognize if ideal methods have actually arised around things like that, but I make sure that your job is plainly identified as a level playing field. Both children and ladies really feel the impact of just a moment?s satisfaction, for the remainder of their lives.

  17. Thank you a lot for sharing this with all people you actually realize what you’re speaking about! Bookmarked. Kindly also visit my web site =). We could have a link exchange contract between us!

  18. Good – I should certainly pronounce, impressed with your website. I had no trouble navigating through all tabs as well as related information ended up being truly easy to do to access. I recently found what I hoped for before you know it at all. Reasonably unusual. Is likely to appreciate it for those who add forums or anything, website theme . a tones way for your customer to communicate. Nice task.

  19. Hey there! I just wanted to ask if you ever have any trouble with hackers? My last blog (wordpress) was hacked and I ended up losing many months of hard work due to no data backup. Do you have any methods to prevent hackers?

  20. Thank you for another informative website. Where else could I get that type of information written in such an ideal way? I have a project that I’m just now working on, and I have been on the look out for such information.

  21. Spot on with this write-up, I truly assume this web site wants way more consideration. I’ll in all probability be again to read way more, thanks for that info.

  22. Oh my goodness! Impressive article dude! Many thanks, However I am encountering issues with your RSS. I don’t understand why I cannot subscribe to it. Is there anybody else having identical RSS issues? Anyone that knows the solution will you kindly respond? Thanx!!


Please enter your comment!
Please enter your name here