Canberra / Sydney: One of the most stable economies in the world, the Australian economy appears to be on the verge of a corona epidemic. At least in the past three decades, it has never happened that the Australian economy has experienced such a steep decline and has officially been in the throes of an economic recession. According to quarterly figures for June, the Australian economy registered a decline of 7%.
Australian Bureau of Statistics report released
According to the Australian Bureau of Statistics, the economy fell 0.3% in the March quarter, but the situation then worsened in the June quarter due to the changing global scenario and circumstances. such as country lockdown. Meanwhile, the country’s private sector economy collapsed.
Global epidemic manager
Michele Smades, head of national accounts at the Australian Bureau of Statistics, blamed the global epidemic and its policies. He said it was the biggest drop in the country’s economy since 1959. This was reduced by 7% in one quarter.
Three times lower than the June 1974 quarter
In 1974, the Australian economy collapsed. Then in the June quarter, the country’s economy registered a 2% decline, but this time it fell more than three times. However, this government spent 41.6% more on social welfare, in order to help people suffering from the epidemic.
Most impact on the private sector
According to the ABS report, the private sector recorded a decline of 17.6%. Who is connected with the transport service, hotels, cafes and restaurants. The states of New South Wales and Victoria suffered the worst, according to this report. These states recorded a decrease of 8.6% and 8.5% respectively. At the same time, the state of the state of Tasmania was also bad.