Australia’s economy contracted by 7% in the June quarter, which is the worst quarterly fall on record, and a million Australians are unemployed. At the beginning of the pandemic, econocrats were hopeful this would be a V-shaped recovery. Australia’s economy was weak going into the pandemic, and the pandemic has belted it for six. I said earlier Australia needs a growth strategy and it needs large-scale stimulus to weather this very profound event. But the scale of the economic downturn, both here, and around the world, suggests that deeper thinking will be needed.

Source: The Guardian September 02, 2020 03:22 UTC