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Ian Macfarlane, Governor of the Reserve Bank from 1996 to 2006, has said that the financial excesses of the 1980s were of such a scale that they made the 1990s recession "inevitable", describing Australia's economy at the end of the 1980s as overstretched and vulnerable to contractionary shock. The pressure of high-interest rates on businesses ...
Australia has enjoyed over two decades of economic growth, coupled with low inflation and relatively low unemployment - until 2020 when the country entered into a brief recession where unemployment skyrocketed amid the global COVID-19 pandemic.
Despite the recent decline in the mining sector, the Australian economy has remained resilient and stable [38] [39] and did not experience a recession from 1991 until 2020. [ 40 ] [ 41 ] Among OECD members, Australia has a highly efficient and strong social security system , which comprises roughly 25% of GDP .
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]
A significant program of economic reform however was not pursued and, by 1983, the Australian economy was in recession, amidst the effects of a severe drought. Fraser had promoted "states’ rights" and his government refused to use Commonwealth powers to stop the construction of the Franklin Dam in Tasmania in 1982. [ 44 ]
The COVID-19 recession was a global economic recession caused by COVID-19 lockdowns. The recession began in most countries in February 2020. After a year of global economic slowdown that saw stagnation of economic growth and consumer activity, the COVID-19 lockdowns and other precautions taken in early 2020 drove the global economy into crisis.
Steven Pearlstein won a Pulitzer prize for his extensive work predicting the financial crisis of 2007/2008 and for writing the US economy was on the cusp of recession. But Pearlstein told Yahoo ...
The most important thing about that is that this is a recession that Australia had to have – Treasurer Paul Keating, November 1990. The popularity of Hawke's prime ministership, along with the health of the Hawke-Keating political partnership deteriorated along with the Australian economy and Keating began to position himself for a challenge. [7]