The Australian economy is in recession for the first time in nearly three decades.
It’s official: Australia is in recession,.
It is well-established that recessions hit young people the hardest.
The slump in consumer spending showed further signs of reversing last week, with Commonwealth Bank economists finding the overall level of spending is now much “less bad” than it was just a few weeks ago.
Even before COVID-19, the Australian economy was tepid, with the bushfires and weak wages growth dampening consumer spending.