Articles from Peter Martin
Australia’s recession is the deepest since the Great Depression of the early 1930s.
Nothing else comes close.
The economy shrank an extraordinary 7% in the three months to June – by far the biggest collapse since the Bureau of Statistics began compiling records in 1959.
The previous worst quarterly outcome was minus 2%, in June 1974.
The government is planning to deliver a second coronavirus economic support package within days, and the Reserve Bank will announce “further policy measures” to support the economy on Thursday.
The bank sometimes uses the phrase “policy measures” to describe adjustments to its “policy rate”, the so-called cash rate from which most other rates are priced.
Australia’s three-decade run of near continuous economic growth is set to end, with treasury warning of a hit to growth of “at least” 0.5% in the first quarter of this year, potentially followed by a “prolonged downturn”.