mookie, that's the view of what constitutes a recession in...

mookie, that's the view of what constitutes a recession in America. Almost totally different to that in Oz.
For a start, the US has a population of what? 150mil? Oz has just 22! Products of every sort have greater currency and circulation in a bigger market and that includes banking and insurance products, the two most salient problematic products in the US.
Whilst a country of that size population can go on for six months at a downturn, (depending the extent of the downturn) a country like OZ just can't afford it. Three at the very most could send us into recession, particularly if the reins of inflation are not held tightly enough.

But, having said that, recession is one thing and the All Ords is another and can both run, paradoxically, in different directions. lol, most of the time they do anyhow! ASX sentiments can run independent to the real economy. Look at what's happening now: Bizarre prices of both extremes! And whilst the stock market is a part of the economy, it can move of its own accord without affecting it. It can go up and down simply by the movement of money, both, away from it and into it. The overall economic package is barely affected by it.