1. Australia’s worst recession since records have been kept
Because of government spending this recession was feather bedded and nothing like the turmoil in the recession we had to have,
OF THE SEVEN recessions since the Australian Bureau of Statistics started tracking economic growth in the 1950s, the Morrison-Frydenberg recession of 2020 has been by far the worst. Gross domestic product (GDP) contracted in the 2020 March quarter by 0.3%. Then the June quarter saw a devastating 7.9% decline in GDP.
The recession started in the September quarter of 1990 and lasted until the September quarter of 1991. During the recession, GDP fell by 1.7 per cent, employment by 3.4 per cent and the unemployment rate rose to 10.8 per cent. Like all recessions, it was a period of disruption and economic distress.
