The Australian economy has contracted for a second consecutive quarter, confirming the nation’s first recession in 29 years.
GDP contracted by 7.0 per cent in June, the largest quarterly fall on record.
“The global pandemic and associated containment policies led to a 7.0 per cent fall in GDP for the June quarter,” said Australian Bureau of Statistics head of national accounts Michael Smedes.
“This is, by a wide margin, the largest fall in quarterly GDP since records began in 1959.”
Private demand detracted 9.9 per cent from GDP, driven by a 12.1 per cent fall in household financial consumption expenditure. Spending on services fell 17.6 per cent, with falls concentrated across transport services, operation of vehicles and hotels, and cafés and restaurants.
“The June quarter saw a significant contraction in household spending on services as households altered their behaviour and restrictions were put in place to contain the spread of the coronavirus,” Mr Smedes said.
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