Australia has suffered its deepest economic contraction since the 1930s with new figures showing GDP collapsing by 7 per cent through the June quarter | swrighteconomy
Australia has suffered its deepest economic contraction since the 1930s with new figures showing GDP collapsing by 7 per cent through the June quarter.
Australia's worst annual result occurred in 1930, during the depths of the Great Depression, when the economy shrank by an estimated 10 per cent. The economy is estimated to have contracted by 5 per cent in the wake of World War II as military production ended.The result was driven by a collapse in household consumption which fell by 12.7 per cent in quarter.
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