The recession Australia knew it was in was finally confirmed today, with the release of economic growth figures showing a 7% decline in growth over the past quarter, the largest single quarter decline since The Great Depression of the 1930s.
Treasurer Josh Frydenberg held a press conference at 1pm today to lay out the economic data and the impact of COVID-19 on the Australian economy.
Watch Frydenberg’s press conference (46m):
Listen to Frydenberg’s press conference (46m):
Transcript of Treasurer Josh Frydenberg’s press conference on Australia’s 7% Decline in Economic Growth.
Today’s National Accounts confirm the devastating blow to the Australian economy from COVID-19. Our record run of 28 consecutive years of economic growth has officially come to an end. The cause; a once in a century global pandemic. The effect; a COVID-19 induced recession.
Real GDP fell in the June quarter by 7 per cent. The largest quarterly fall on record.
Since the series began in 1959, the previous largest fall was 2 per cent in 1974.
Behind these numbers are heartbreaking stories of hardship being felt by everyday Australians as they go about their daily lives.
Be it the tourism operator in Cairns, the tradie in Melbourne, the café worker in Adelaide or the domestic flight attendant in Sydney, they are all affected by COVID-19.
Today we are reporting these devastating numbers. Australians are living them.