Friday, June 2, 2023
Friday, June 2, 2023

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

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    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.

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    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.

    Developing now. Details to follow.

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