The global impact of COVID-19 continues to be felt across the world and Australia has not been immune from this. After an astonishing 28-year run, the Australian economy officially fell into a recession during the June quarter when the Gross Domestic Product (GDP) figures were reported in September. The Australian economy contracted by 7.0% in the June quarter, the largest decline since records began in 1959. However, as shown in Chart 1 Australia has faired well compared to other major countries. Notably, China reported a strong bounce back after contracting 6.8% in the first quarter of 2020.
Read more here: Paradigm Economic Bulletin September Quarter 2020
