BREAKING: Australia worst economic contraction since World War II has been confirmed with the country officially entering into a recession.
Australia’s gross domestic product fell 7 per cent for the June quarter, revealing the financial wounds inflicted upon the economy from the initial lockdown sparked by the coronavirus pandemic.
ANZ is expected GDP to fall 7 per cent compared to the previous quarter, leaving the annualised figure at 6.3 per cent below levels last year. Finance Minister Mathias Cormann told the Today show that economies around the world have been hit very hard by the impact of the coronavirus pandemic.“The UK in the June quarter experienced a contraction of 20 per cent in the one quarter.Senator Cormann said Australia had been heading in the right direction in June and early July.
He said telling unemployed Australians that the circumstances weren’t as bad as other countries was “meaningless”.
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