Opinion
Recession we couldn't avoid not as bad as first feared
Yes, the GDP numbers are truly terrible. But Australia has outperformed initial expectations and the rest of the world.
Chris Richardson and Sheraan UnderwoodAustralia’s economy has just experienced its sharpest ever three-month contraction, driving it to its weakest growth since the end of World War II.
The key damage seen in Wednesday's national accounts is that consumers did not spend. Spending by families is the largest single part of the economy – more than half of it.
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Chris Richardson is an independent economist.
Sheraan Underwood is a senior economist at Deloitte.
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