Australia’s economy takes the sharpest dive since in the 1930s

Canberra: Australia’s economy has suffered its sharpest quarterly drop from the Nice Depression due to the epidemic, with statistics declared on Wed. affirming the nation is experiencing its 1st recession in 28 yrs..

The latest domestic accounts demonstrated the economy shrank 7% in Jun, the largest contraction from reports started in 1959.

Its nearest rival has been a 2% fall in Jun 1974, & economists estimate a sharper fall within the early 1930s when Australian had become one such globe’s hardest nations by this Nice Depression.

Combined with a smaller 0.3% drop within the Mar quarter, the definition of a technical recession — 2 consecutive quarters of contraction was fulfilled.