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Australia’s economy was already weak – and the coronavirus pandemic has belted it into recession – The Guardian

Scott Morrison is under pressure to wind back support – but it is far too early to be standing on the exit ramp



Obviously, the number is very bad. Australias economy contracted by 7% in the June quarter, which is the worst quarterly fall on record, and a million Australians are unemployed.
At the beginning of the pandemic, econocrats were hopeful this would be a V-shaped recovery. Now, nobody has been talking about a V-shaped recovery for some time.
But the point is not the negative number in the gross domestic product column for the June quarter of 2020, even though the number is terrible. The point is…

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