Recession hits Australia’s economy

Australian Federal Treasurer Josh Frydenberg speaks to the media during a press conference at Parliament House in Canberra, Wednesday, 3 June 2020

Treasurer Josh Frydenberg has confirmed Australia is now in a recession as the economy reels from the coronavirus pandemic.

Mr Frydenberg’s confirmation came after the Australian Bureau of Statistics reported the economy shrank by 0.3% in the March quarter, on the back of the bushfires, drought and coronavirus pandemic.

Asked whether the country was now in recession, he said: “Well, the answer to that is ‘yes’. And that is on the basis of the advice that I have from the Treasury department about where the June quarter is expected to be.”