‘Enormous’: Recession now ‘guaranteed’ A global recession is “here and now” – and it won’t be long before unemployment climbs to an alarming seven per cent, experts say. The nation has slumped into a recession but is doing comparatively far better than other states. Treasurer Josh Frydenberg has confirmed Australia is in its first recession since the 1990s, with panic buying failing to boost the economy. The economy seems to have entered a sharp recession in the second quarter, hit by coronavirus fallout, after having already likely weakened in the first quarter amid falling sentiment.
Economic reality to set in for markets Australian Financial Review 07:25 14-Jun-20 Share market hopeful ahead of jobs data The Age 07:05 14-Jun-20 Australia's reliance on Five Eyes for Covid-19 economic strategy excludes top trade partners The Guardian 21:00 13-Jun-20 Australian economy to take 'two years' to recover. The Reserve Bank has kept Australia’s official interest rate at 0.25 per cent as the coronavirus continues to wreak economic havoc. Who will get $25k homebuyers handout The government will pay out grants of around $25,000 for people to build new homes or renovate – … Australia’s apparent success in containing the coronavirus outbreak has paved the way for the economy to emerge early from an economic hibernation that was anticipated to last for six months. OECD report predicts Australian economy to contract by 5 per cent.

Federal Treasurer Josh Frydenberg says a report released by the OECD predicts the Australian economy will contract by 5 per cent. An Australian chairman has warned of a “near total shutdown” of the world’s economy within months as the coronavirus crisis deepens.
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