WELLINGTON – Australia's economy grew by 3.3% in the third quarter, rebounding from its first recession in nearly three decades as it recovered from pandemic-related shocks, according to figures released Wednesday.Treasurer Josh Frydenberg told reporters the country still has a lot of ground to make up from the coronavirus downturn.“Australia’s recession may be over, but Australia’s economic recovery is not,” he said.Despite the latest quarterly rise, the economy contracted at a 3.8% annual pace.
That's after GDP fell by 0.3% in the first quarter and then by a record 7% in the second quarter.“But the Australian economy has demonstrated its remarkable resilience and Australia is as well positioned as any other nation on Earth," Frydenberg.