Can You Help?

This website is in imminent danger of being shut down. It has been online since 1995, but the personal circumstances of the owner, Malcolm Farnsworth, are such that economies have to be made. Server costs and suchlike have become prohibitive. At the urging of people online, I have agreed to see if Patreon provides a solution. More information is available at the Patreon website. If you are able to contribute even $1.00/month to keep the site running, please click the Patreon button below.


Become a Patron!


The Great Recession: Economic Data

These documents from the Australian Bureau of Statistics and the Reserve Bank of Australia clearly show the impact of COVID-19 on the Australian economy in a range of areas.

The document was issued with the publication of economic data showing that Australia’s economic growth declined by 7% in the last quarter, officially putting Australia in recession.

Both documents can be enlarged to full screen and may also be downloaded.

2020-09-02_economic-activity-data_abs

2020-09-02_chart-pack_rba


The Great Recession: Treasurer Frydenberg’s Reaction To 7% Quarterly Decline In Growth

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.

Frydenberg

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. [Read more…]