Original article by Patrick Commins,Geoff Chambers
The Australian – Page: 1 & 4 : 4-Jun-20
Treasurer Josh Frydenberg has confirmed that the Australian economy is in recession for the first time in 29 years. GDP data shows that the economy contracted by 0.3 per cent in the March quarter, while economic growth slowed from 2.2 per cent to 1.4 per cent in the year to March. Frydenberg has also warned that the economic contraction in the June quarter will be much worse; economists expect GDP growth to fall by 6-9 per cent as the full impact of the coronavirus lockdown restrictions took effect. Meanwhile, the federal government has delayed its mini-budget until 23 July, which will allow it to assess how the economy fares after lockdown restrictions are fully lifted.
AUSTRALIA. DEPT OF THE TREASURY