The Australian economy is expected to contract by at least 5% in the June quarter after a smaller contraction in the March quarter, thereby meeting the technical definition of a recession. However, no data is needed to confirm what has already been observed: shutdowns, isolation, and social distancing measures in the fight against the spread of COVID-19 have virtually closed large sections of the economy, causing a surge in unemployment not seen since the Great Depression. The good news is that the lockdown measures appear to have been effective, and in early May attention turned to re-starting the economy.
Read more here: Paradigm Group Monthly Market Insights – April 2020
