Business daily

Australia falls into recession after almost 30 years of growth

BUSINESS DAILY
BUSINESS DAILY © FRANCE 24

The Australian economy has entered recession for the first time in almost thirty years, because of lockdown measures linked to the coronavirus pandemic. Household spending and hours worked fell between April and June, but government support for businesses and workers helped to prevent a drop in incomes. The 7 percent slump in GDP over the second quarter is the worst on record for the country. The Australian Finance Minister Josh Frydenberg described the impact of the virus on the economy as "devastating".