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In December 2020, it was announced Australia had pulled out of recession after experiencing a 3.3% growth in GDP in the September quarter. Treasurer Frydenberg stated the effects of the recession had lasting impacts and recovery was far from over.
The 2020–21 Budget will be handed down on 6 October, delayed from May. [126] Treasury estimates now place Australia on track to experience a depression, with Australia experiencing a 0.25% contraction in GDP in the 2019–20 financial year, and predictions now expecting a greater than 2.5% contraction in the financial year of 2020–21. [127]
As of 6 April 2020 at least 12 deaths and more than 700 cases of coronavirus in Australia in Australia are now linked to this incident. The 2020 AFL season and 2020 AFL Women's season are suspended due to the COVID-19 pandemic. The 2020 AFL season has been scheduled to resume on 11 June 2020. [33] 23 March –
The Australian economy will likely avoid a recession despite the world economy being in "a dangerous place right now", Treasurer Jim Chalmers said on Tuesday, ahead of the government's first ...
Senior World Bank officials on Friday warned that developing economies could see a deeper recession than currently expected if consumption and investment do not rebound quickly after the ...
On 2 September 2020, as a result of the COVID-19 pandemic, Australia officially went into recession (defined as two quarters of negative growth) with GDP falling 7% in the June 2020 quarter, the largest drop on record.
Still, there are plenty of instances when the yield curve uninverted and a recession wasn’t right around the corner. The most recent prior case of the yield curve uninverting was September 2019.
In September 2020, it was confirmed that due to the effects of the COVID-19 pandemic, the Australian economy had gone into recession for the first time in nearly thirty years, as the country's GDP fell 7 per cent in the June 2020 quarter, following a 0.3 per cent drop in the March quarter.