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Australia in recession: Economic plunge worse than feared, huge decline due to COVID crisis – NEWS.com.au

Australia in recession: Economic plunge worse than feared, huge decline due to COVID crisis

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Economists knew todays economic figures were going to be bad, but the actual news is much worse than anyone feared.Australia’s finances have been hit with the biggest quarterly fall on record and the steepest annual plunge since the end of World War II.
Prime Minister Scott Morrison said the economic figures represented a “heartbreaking” day for the nation.
“This is a devastating day for Australia,’’ he told Parliament. “Our Australian economy has been savaged by the COVID-19 global pandemic a…

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