The Australian economy officially entered a recession for the first time since 1991 as the national accounts showed June quarter GDP fell 7.0% in the June quarter, following a 0.3% fall in the March quarter. The fall was weaker than the expected 6.0% fall, led by a 9.8% reduction in hours worked. Consumer spending, which accounts for 56% of the economy, contracted 12.1% over the quarter, largely as anticipated, while business investment was weaker than expected at -3.5%. The federal government extended the JobSeeker and JobKeeper programs, but will cut back payments, sparking fears of further economic pain.
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