Friday, April 9, 2021
Friday, April 9, 2021

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

Get Your Content. Daily.

Be the first to know about the biggest stories as they break. Sign up for breaking news email alerts from Your Content.

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.

- Advertisement -

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.

- Advertisement -

Protect Independent Journalism

Your Content is a nonprofit newsroom registered in Pennsylvania [Entity No.: 6690403] that produces nonpartisan, evidence-based journalism to expose injustice, corruption and wrongdoing.

Spearheading the news revolution for Americans across the nation, Your Content has brought a voice to those the media failed to acknowledge.

This story you’ve just finished was funded by our readers and we hope it inspires you to make a gift to Your Content so that we can publish more reports like this one that holds people in power to account and produces real change.

Your donation will help us ensure that we can continue this critical work. We are busier than ever covering stories you won’t see anywhere else.

USA
31,717,404
confirmed cases
Updated on April 9, 2021 5:44 am
united states
573,856
deaths
Updated on April 9, 2021 5:44 am
united states
6,870,679
active
Updated on April 9, 2021 5:44 am
united states
24,272,869
recovered
Updated on April 9, 2021 5:44 am
World
134,621,820
confirmed cases
Updated on April 9, 2021 5:44 am
world
2,917,665
deaths
Updated on April 9, 2021 5:44 am
world
23,332,550
active
Updated on April 9, 2021 5:44 am
world
108,371,605
recovered
Updated on April 9, 2021 5:44 am

Related Articles