Australia is officially in recession for the first time in 29 years after posting a 7 per cent fall in June quarter GDP – the biggest since records started in 1959.
Annual growth is now the lowest since World War II as the economy shrank 6.3 per cent in the three months ended June 30 from a revised 1.6 per cent growth rate in the March quarter, the Australian Bureau of Statistics said on Wednesday.
Loading...
Matthew Cranston is the United States correspondent, based in Washington. He was previously the Economics correspondent and Property editor. Connect with Matthew on Twitter. Email Matthew at mcranston@afr.com
