Sunday, February 25, 2024
Sunday, February 25, 2024
Sunday, February 25, 2024

Australia Falls Into Its First Recession in Almost 30 Years: Bloomberg

»

Published

»

Sign up with Your Content for the latest updates. Have a story or news tip? Contact our 24/7 newsroom at 833.336.8013 or email us.

Australia has fallen into its first recession in almost 30 years with the economy shrinking 6.3% in the second quarter, Your Content has learned.

Australia has officially sunk into recession for the first time in almost 30 years with a quarterly slump that is worse than the 1930s Great Depression.

Until this morning, Australia officially held a 29-year world record for avoiding a recession but COVID-19 social distancing policies and border closures have ended that with a bang.

The economy plunged by a record seven per cent in the June quarter alone, the Australian Bureau of Statistics has confirmed.

On an annual basis, the economy shrunk by 6.3 per cent – a level unseen since the aftermath of World War II in 1945 when the troops returned home.

- Advertisement -

Developing now. Details to follow.

Your Content is a publication centered around breaking news, trends, and true crime investigations. Sign up to receive our biggest stories as soon as they’re published.

Ohio High School Principal Resigns Amid Sexual Harassment Investigation

Robert Griffiths, the principal of an Ohio high school, has resigned following allegations of...

Serial Bank Robber Arrested in Metro Atlanta Following Multi-Agency Investigation

Dallas, Georgia, police, in conjunction with other law enforcement agencies, have successfully apprehended a...

Search for Armed Robbery Suspect in Maumelle Dollar General

The Pulaski County Sheriff’s Office is requesting public help in identifying a suspect involved...

Birmingham Police Arrest Man as Investigation into Father’s Disappearance Takes a Dark Turn

BIRMINGHAM, Ala. — The Birmingham Police Department has reported a significant development in a...