Prime Minister Scott Morrison has described Australia’s first recession in 29 years as a “heartache” for the nation while spruiking the new HomeBuilder scheme to kickstart residential building. Meanwhile, the treasurer has stated that despite the negative news Australia weathered the lockdown better than many other major economies.
Australia’s economy shrank by 0.3 percent in the March quarter due to the combined aftereffects of the bushfires and pandemic. It is expected the economy will continue to shrink in the June quarter.
