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The first thing to say is, the accounts do show that Australia is in a recession. The most important thing about that is that this is a recession that Australia had to have – Treasurer Paul Keating, November 1990. The remark has continued to spark debate as to the extent of Keating's responsibility for the depth of the Recession.
The recession itself became worse as other nations fell into depressions. They not only cut back on foreign investments to Australia but also led to a lower demand for Australian exports. That culminated into the biggest recession in Australia's history, which peaked in 1931–1932.
The country just released data showing its economy hasn't experienced two straight quarters of negative growth since 1991.
[73] [74] In 2014, using constant exchange rates, Australia's wealth had grown by 4.4% annually on average after the financial crisis of 2007–2008, compared with a 9.2% rate over 2000–2007. [75] Australia's sovereign credit rating is "AAA" for all three major rating agencies, higher than the United States of America.
Australia's recession affected New Zealand's economy as Australia was New Zealand's biggest export market. [2] [3] It is said that the term Great Recession as a description of the post-2008 slump is not recognized by Australians particularly those under 30 due to its mild, intangible impact on the country's economy. [4]
By definition, a recession has to last at least two quarters, so you can’t tell you’re in a recession until after the fact. How Long Do Recessions Last? Historically, there have been a total ...
A recession is a period of two quarters of negative GDP growth. The countries listed are those that officially announced that they were in recession. It is worth noting that some developed countries such as South Korea and Australia did not enter recession (indeed Australia contracted for the last quarter of 2008 only to grow 1% for the first half of 2009).
The term recession is being thrown around a lot. Here are the basics.