News
Retail spending has posted its worst quarterly performance since the introduction of the GST 20 years ago, and the risks are it could worsen as Victoria locks down in its fight against the coronavirus.
News
The prices paid on consumer goods dropped by 1.9 per cent in the June quarter – the largest fall in the 72-year history of the Consumer Price Index.
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The World Bank says the world is facing an unprecedented health and economic crisis that has spread with astonishing speed, and will result in the largest shock the global economy has witnessed in more than seven decades.
Treasurer Josh Frydenberg has confirmed Australia is now in a recession as the economy reels from the coronavirus pandemic.
The Australian economy could take a $400 billion hit if restrictions adopted to fight the spread of COVID-19 continue for six months, modelling by the Business Council of Australia shows.
The economic impact of the COVID-19 pandemic is predicted to result in the “worst recession since the Great Depression”, but Treasurer Josh Frydenberg is confident Australia will rebound faster than most other countries.
