they are using the big r word

My stock broker says "There is little point going over yesterday’s
weak GDP data. One only had to speak to almost anyone running
a small business in Australia over the last month or two to realise
that things have really hit the fan in this country.

"With the terms of trade likely to go against us in the June quarter
(+2.7% in the March quarter) and consumers made aware around
budget time of the government’s need to raise levies and taxes,
one can only imagine that the June quarter is going to be
weaker again. The 'R' word is starting to feature more
prominently amongst economic commentators."