Australia is set to brace its first recession in more than three decades, with figures expected to reveal the worst economic contraction since World War II.
National account estimates for the June quarter are scheduled to drop midmorning are tipped to reveal the financial wounds inflicted upon the economy because of the coronavirus pandemic.
“The December quarter will prove challenging with a sharp drop off in fiscal stimulus currently scheduled to occur.”Stage four lockdowns are expected to significantly impact the state’s economy. Picture: NCA NewsWire / David GeraghtyIn the March quarter, Australia’s gross domestic product had fallen 0.3 per cent, which showcased the initial inflictions caused by the shutdown.
But the outbreak in Victoria did set the nation back and had a “severe negative impact” on the economy in the September quarter. He said telling unemployed Australians that the circumstances weren’t as bad as other countries was “meaningless”. Reserve Bank of Australia governor Philip in his monthly monetary statement on Tuesday, said Victoria’s stage four lockdowns would have a profound effect on the state’s regional economy.
Legislation splitting JobKeeper into two tiers and extending the wage subsidy scheme for an additional six months has already passed in parliament.
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