Unlike its 1991 predecessor, the current recession is truly the “one we were indeed forced to have,” according to Sky News Political Editor Andrew Clennell. Australia recorded its last recession in June 1991, with Paul Keating Australia's treasurer. The recession was severe, with unemployment climbing to almost 11 per cent in 1992 and interest rates surging to 10 per cent.
” The treasurer on Wednesday confirmed Gross Domestic Product contracted by 0.3 per cent in the March quarter, with economists certain the June quarter will be even worse. That means Australia will slip into its first recession in 29 years due to the shutdown measures enacted to slow the spread of COVID-19. Mr Clennell said the result is a “sad day,” but it’s worth remembering Australia’s relative economic strength compared to comparable nations.
aclennell I think we needed to have it. Too much debt, too many people spending beyond their means. Rates were too low, credit too easy.....wake up call we needed to have.
aclennell Lockdowns were based on nothing, no evidence at all, the experts let us down
aclennell We were going to have a recession anyway, just now Liberal Party TV has an excuse.
aclennell
aclennell fakenews
aclennell 1qtr contraction had almost NOTHING to do with corona. And everything to do with ALL major economic indicators going south months/years prior to bushfires and Covid. Superior economic managers my a..rse
aclennell