'What we were facing was an economist's version of Armageddon', says treasurer. FMTNews
Australian Treasurer Josh Frydenberg expects the economic impact will be severe.
And while it was smaller than the forecast 0.4% drop, Treasurer Josh Frydenberg said Australia was now on track to enter its first recession since 1991 “on the basis of the advice that I have from the Treasury Department about where the June quarter is expected to be”.Authorities ordered numerous businesses shut and closed the country’s international borders to stem the spread of Covid-19, costing the economy billions of dollars but achieving success in containing the virus.
“We have avoided the economic fate, and the health fate, of other nations because of the measures that we have taken as a nation.” National Australia Bank’s Kaixin Owyong said the economy would likely shrink 8.4% in the next three months.
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