Business owners already hit hard by the coronavirus pandemic say there is no relief, as they prepare to tackle Australia's first recession in almost three decades.
Business owners already hit hard by the coronavirus pandemic say there is no relief, as they prepare to tackle Australia's first recession in almost three decades. Ms Goyal and her husband run Silk and Sparkle, a Sydney fashion boutique that designs and manufactures Indian wedding dresses.
The latest figures showed Australian Gross Domestic Product fell seven per cent in the June quarter - the largest quarterly fall on record. That was driven by a 12.1 per cent fall in household expenditure and a 17.6 per cent fall in services spending, with many businesses forced to close their doors or modify their operations in line with restrictions.
She said clients who are due to get married in April"are still scared of doing anything or booking anything". "Things were fine after the first wave. But the second wave has literally shattered everybody," she said. The economic downturn has already seen the number of people unemployed push past more than one million for the first time.
"The road to recovery will be long, the road to recovery will be hard, the road to recovery will be bumpy," he said.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Josh Frydenberg set to announce first Australian recession in almost 30 yearsAustralia's first recession in almost 30 years is set to be confirmed on Wednesday, as workers have pandemic-sparked wage subsidies locked in until March.
Read more »
An economy like 2016 as sales and wages collapseThe Australian economy could shrink to where it was when Malcolm Turnbull narrowly won the 2016 election, with new figures revealing sales across almost every industry have collapsed, dragging down incomes | swrighteconomy
Read more »
RBA holds rates at 0.25% ahead of key economic dataThe decision to leave rates where they've been since March comes ahead of the June national accounts, which economists expect to confirm Australia's first recession since 1990-91.
Read more »
Explained: What a recession means for ordinary AussiesAustralia is officially in a recession after recording the biggest quarterly economic drop in more than 61 years.
Read more »
Josh Frydenberg set to announce Australian recessionAustralia is set to brace its first recession in more than three decades, with figures expected to reveal the worst economic contraction since the Second World War.
Read more »
RBA holds rates at 0.25% ahead of key economic dataBreaking: The Reserve Bank of Australia has held official interest rates at a record low 0.25 per cent ahead of new data set to confirm the nation's deepest economic downturn since the 1930s | swrighteconomy
Read more »