Josh Frydenberg Australia city Canberra pandemic economy Coronavirus Josh Frydenberg Australia city Canberra

Pandemic brings 1st Australian recession in 29 years

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CANBERRA – The coronavirus pandemic pushed Australia’s economy into recession for the first time in 29 years in the first quarter of the year, and the situation is expected to get worse.

T Treasurer Josh Frydenberg said Wednesday the current June quarter will be the second in a row in which the Australian economy has contracted.

A recession is defined as at least two straight quarters of contraction. Data released on Wednesday showed the economy shrank 0.3% in the January-March quarter due to destructive wildfires and the early stages of Australia’s coronavirus lockdown.

Weak household consumption was a major factor behind the decline, as millions have lost their jobs. “The June quarter, the economic impact, will be severe.

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