Australia facing its worst economic contraction in history
By Ann Wen · 3 September 2020 · Economy
By Ann Wen · 3 September 2020 · Economy
The country's worst economic contraction in history has been confirmed, but what triggered this devastating downturn? Find out what's behind the 7% GDP plunge and what it means for Australia's future.
The ABS confirmed Australia’s first recession since 1990 after recording two consecutive quarters of economic decline. After being hammered by the pandemic, bushfires and drought, Australia’s GDP plunged by 7 per cent in the April-June quarter. This follows a 0.3 per cent fall in the previous quarter. The 7 per cent fall is also the […]
Tags: Economy, Recession, Savings