This is the recession we knew we were in, but we might already be on the way out of it
4 years, 7 months ago

This is the recession we knew we were in, but we might already be on the way out of it

ABC  

The Treasurer is clearly a student of the Basil Fawlty school of communication. In Wednesday's media release and press conference, and again on ABC News Breakfast on Thursday, the Treasurer studiously avoided mentioning the "R word", recession, at all. Don't get caught up in technicalities Actually, on the technical definition of a recession, Australia isn't there yet and we won't know for certain that we will be until September, when the current June quarter's GDP figures are released by the Bureau of Statistics. That's because the economy won't get back to the same size it was before the crisis until the end of 2021 — definitely a downturn "lasting more than a few months". "That said, to the extent recession is defined as a period of subpar economic growth and persistent very high unemployment, then challenging times will likely persist for at least another six months to one year.

Economy Australia Unemployment Economic Way Cent Months Treasurer Recession Economic Activity Nber  australia  treasurer  cent  recession  gdp  knew  figures  months  economic  way  unemployment  economy

History of this topic

Australia’s economy posts worst performance since 1992, excluding pandemic
4 months ago

Australia’s economy posts worst performance since 1992, excluding pandemic

Al Jazeera  

Australia’s economy has posted its worst performance in more than 30 years, excluding the first year of the COVID-19 pandemic. Australia’s gross domestic product expanded by just 0.2 percent in the April-June period and 1 percent over the last year, the Australian Bureau of Statistics said on Wednesday. Australia’s post-COVID recovery is struggling after the central bank raised interest rates …

Prepare for debate about a looming recession. Unofficially we have been in one for some time
10 months ago

Prepare for debate about a looming recession. Unofficially we have been in one for some time

ABC  

Australians are set to find out if we are on the edge of a so-called "official" recession. In his public presentations, Richardson says he refers to real household disposable income per capita as "living standards", because that's what it measures. There's no such thing as an official recession Perhaps surprisingly, given how much we talk about "official" recessions, even the …

Australia's economy recovered in 2022, will it crash in 2023?
2 years ago

Australia's economy recovered in 2022, will it crash in 2023?

ABC  

Despite the odds, Australia largely withstood the global economic hurdles of 2022. "I think that's going to be the big story for next year, how much further for rates, how long do they hold and how quickly do we see the pricing dynamics and inflation ultimately being consistent with 2 to 3 per cent. "I think the unemployment rate's going …

We're not in recession now? Here's what today's GDP figures mean
3 years, 4 months ago

We're not in recession now? Here's what today's GDP figures mean

ABC  

Today's GDP figures show the economy grew by 0.7 per cent in the June quarter. Economic activity grew by 0.7 per cent in the June quarter, following growth of 1.9 per cent in the March quarter "We should remind ourselves that the Australian economy was booming for a lot of the second quarter and some of the monthly data was …

Avoiding recession won't be enough to solve Australia's economic problems
3 years, 4 months ago

Avoiding recession won't be enough to solve Australia's economic problems

ABC  

Australia is not in recession. But it probably won't make much difference if the technical definition of a recession is reached or not — the nation has been in an economic malaise for a while. Australia's economy grew over June quarter Photo shows Pedestrians cross at Flinders Street Australia's economy has bounced back from the COVID recession, with national growth …

Unemployment and underemployment fall as COVID recovery continues
3 years, 10 months ago

Unemployment and underemployment fall as COVID recovery continues

ABC  

Both unemployment and underemployment have continued their downward trends in further positive signs that Australia's economy is bouncing back quickly from COVID-19. Key points: Employment rose for the fourth consecutive month, leaving unemployment lower at 6.4 per cent Underemployment fell and is now below pre-pandemic levels at 8.1 per cent Victoria led the jobs recovery, and now has a smaller …

Australia 'emerges from recession' after GDP figures show economy growing for the first time this year
4 years, 1 month ago

Australia 'emerges from recession' after GDP figures show economy growing for the first time this year

ABC  

The Reserve Bank governor is warning recovery from this year's recession is likely to be "uneven and drawn out" as Australia's gross domestic product grows for the first time in 2020. Key points: GDP rose 3.3 per cent this quarter, as COVID-19 restrictions eased across most states and territories Household consumption grew almost 8 per cent after a 12.5 per …

Some media outlets say the recession caused by COVID-19 is over, but they're wrong
4 years, 2 months ago

Some media outlets say the recession caused by COVID-19 is over, but they're wrong

ABC  

The recession hasn't ended. Because economists use a range of definitions to pinpoint a recession, and one definition says if your economy experiences two consecutive quarters of shrinking activity then it's in recession. Photo shows Paul Keating It's close to 30 years since Australia's last recession, which saw vast numbers of people lose their jobs or struggle to break into …

Australia's coronavirus recession might soon be over, but the economic road back to full recovery will take years
4 years, 4 months ago

Australia's coronavirus recession might soon be over, but the economic road back to full recovery will take years

ABC  

And now for the good news. The long road to jobs recovery The last official recession we endured, back in 1991, appears as a tiny aberration in the economic growth story. But he's also stuck to his guns on the traditional supply-side measures, repeatedly hinting the October 6 budget may bring forward $158 billion in personal income tax cuts. Last …

Australia recession: The economy had its worst quarter on record
4 years, 4 months ago

Australia recession: The economy had its worst quarter on record

CNN  

Hong Kong/Sydney CNN Business — The coronavirus pandemic has officially pushed Australia into its first recession in nearly three decades. The country’s GDP contracted 7% in the second quarter compared to the prior one, the Australian Bureau of Statistics said Wednesday. It marks the second straight quarter of declines for Australia — GDP shrank 0.3% in the first quarter — …

Australian recession confirmed as COVID-19 triggers biggest economic plunge on record
4 years, 4 months ago

Australian recession confirmed as COVID-19 triggers biggest economic plunge on record

ABC  

Australia is officially in its first recession for almost three decades, with the June quarter GDP numbers showing the economy went backwards by 7 per cent — the worst fall on record and slightly worse than most economists had predicted. Key points: GDP plunged 7 per cent in the June quarter, more than three times the previous biggest fall of …

Victorian jobs slump amid stage 4 coronavirus lockdown, but 'COVID recession' bites elsewhere
4 years, 4 months ago

Victorian jobs slump amid stage 4 coronavirus lockdown, but 'COVID recession' bites elsewhere

ABC  

Paula Evans, owner of boutique Tierra Alma in beachside Mordialloc, didn't need the Australian Bureau of Statistics to tell her about the epic economic pain of Melbourne's August lockdown. Key points: Payroll jobs fell 1 per cent around the nation, but 2.8 per cent in Victoria, in the month to August 8 Melbourne entered tough stage 4 coronavirus restrictions on …

Melbourne lockdown could cause coronavirus recession to last all year, economists warn
4 years, 5 months ago

Melbourne lockdown could cause coronavirus recession to last all year, economists warn

ABC  

Melbourne-based NAB chief economist Alan Oster has been in the profession for more than 40 years and he's seen a fair few economic crises in his time, but nothing compares to this. Recession could last 'whole calendar year' It's generally accepted that Australia recorded two successive quarters of negative growth in the March and June quarters, even though the latest …

Recessions punish our youth and the coronavirus downturn is no different
4 years, 5 months ago

Recessions punish our youth and the coronavirus downturn is no different

ABC  

What exactly is a recession? While economic growth bounced back relatively quickly, it took years — decades even — for the jobs market to recover, to finally return to the level it was before the recession hit. While we could see a small lift when the latest jobs numbers land this Thursday, all the indications are that — despite the …

Underemployment the key symptom of the coronavirus recession
4 years, 7 months ago

Underemployment the key symptom of the coronavirus recession

ABC  

Anna Ludvik unloads equipment from the back of a ute as her partner, Jeremy Sims, runs through a verbal checklist. Add to the officially jobless the 700,000 people still "employed" on JobKeeper but with zero work, an unprecedented number who've had their work hours cut down, and half-a-million people who've dropped out of the labour force altogether, and you get …

The coronavirus recession is like no other — and it risks becoming a chronic problem
4 years, 7 months ago

The coronavirus recession is like no other — and it risks becoming a chronic problem

ABC  

Forget what you know about recessions, this one is very different — and it may be chronic. That's not to say we're about to experience years of economic contraction or "negative growth" as economists like to say, but it's going to remain tough going for many Australians for years. This is the combination of two overbearing forces: an economy built …

Australia in its first recession in 29 years as March quarter GDP shrinks
4 years, 7 months ago

Australia in its first recession in 29 years as March quarter GDP shrinks

ABC  

GDP figures from the Bureau of Statistics show Australia's economy shrank 0.3 per cent in the March quarter, amid bushfires and the early stages of the coronavirus pandemic. Key points: Australia's GDP, or economic output, fell 0.3pc over the March quarter With a big fall in GDP certain in the current June quarter that will mark Australia's first technical recession …

Australia suffers first recession in 29 years due to Covid-19
4 years, 7 months ago

Australia suffers first recession in 29 years due to Covid-19

CNN  

Sydney/Hong Kong CNN Business — Australia’s economy is suffering its first recession in nearly three decades as the nation grapples with the impact of the coronavirus pandemic. The country’s economy shrank 0.3% in the first three months of the year from the previous quarter, according to the Australia Bureau of Statistics. Despite the recession, Frydenberg said Australia has “avoided the …

Recession was obvious for Australia, whether GDP numbers confirmed it or not
4 years, 7 months ago

Recession was obvious for Australia, whether GDP numbers confirmed it or not

ABC  

The dream run finally has come to an end. After a relatively mild 0.3 per cent contraction in the three months to the end of March, the economy is now poised for a dramatic plunge this quarter. But what if, through some statistical anomaly, the numbers somehow had managed to remain in positive territory for the March quarter and all …

Coronavirus to lead to biggest contraction of Australia's economy since Great Depression, Reserve Bank warns
4 years, 8 months ago

Coronavirus to lead to biggest contraction of Australia's economy since Great Depression, Reserve Bank warns

ABC  

Reserve Bank governor Philip Lowe has warned Australia is this year likely to experience its biggest contraction in national output since the Great Depression. Key points: Dr Lowe says the national output is likely to fall by about 10 per cent over the first half of 2020 The unemployment rate is likely to be around 10 per cent by June, …

Jobs are the main factor keeping Australia's economy from recession
5 years, 7 months ago

Jobs are the main factor keeping Australia's economy from recession

ABC  

Australia's economy is hanging tough, stubbornly refusing to capitulate to recession after a world-record 28 years of growth. Even as Australia's economic growth rate dropped off the edge of a cliff mid-last year — with quarterly growth plunging from 0.9 per cent in the June quarter to 0.3 per cent in September and down further to 0.2 per cent in …

Discover Related