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Australia suffers first recession in 29 years

During a live broadcast on Australian television, Channel 7 News journalists were struck by a policeman's riot shield, prompting the Australian government to ask for an investigation into the incident.

Posted: Jun 3, 2020 6:51 AM
Updated: Jun 3, 2020 6:51 AM

Australia's economy is suffering its first recession in nearly three decades as the nation grapples with the impact of the coronavirus pandemic.

The country's economy shrank 0.3% in the first three months of the year from the previous quarter, according to the Australia Bureau of Statistics. Treasurer Josh Frydenberg on Wednesday warned that GDP will shrink in the April-to-June period, marking the second consecutive quarter of contraction for Australia.

The Covid-19 shutdown has caused the end of a 29-year run of economic growth in Australia. The streak was partly fueled by China's voracious appetite for commodities, such as iron ore and coal, as it rose to become the world's second largest economy.

Despite the recession, Frydenberg said Australia has "avoided the economy fate, and the health fate" of other countries because of actions it has taken, including economic stimulus efforts.

Australia's GDP is likely to "plummet" by 9% in the second quarter, according to Ben Udy, an economist for Australia & New Zealand at Capital Economics.

"GDP was falling before the virus restrictions were in place and is set to fall more sharply in Q2 [the second quarter] before picking up gradually in the second half of the year," he wrote in a research note on Wednesday.

The fall in GDP during the first quarter was mainly because consumers cut back spending on services as they began to socially distance, Udy said.

Udy expected consumption to be nearly 20% below its pre-virus levels in the second quarter, as households stopped panic buying food and restrictions on recreation and retail services were introduced.

While rising iron ore prices may support mining investment, non-mining firms have significantly scaled back their investing plans, he said.

Mississippi Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 91935

Reported Deaths: 2780
CountyConfirmedDeaths
Hinds6903153
DeSoto532153
Harrison368771
Jackson334367
Madison318086
Rankin313473
Lee254066
Jones236078
Forrest231069
Washington215671
Lafayette203039
Lauderdale1984123
Bolivar177465
Oktibbeha173749
Lamar156633
Neshoba1524103
Panola140926
Sunflower138543
Lowndes138457
Warren136650
Leflore134380
Pontotoc120416
Pike120148
Monroe117665
Scott115925
Copiah115433
Coahoma110927
Holmes108458
Marshall106714
Grenada104535
Lincoln104453
Yazoo103429
Simpson100142
Union96524
Tate94537
Leake93535
Adams89135
Wayne87121
Pearl River84850
Marion83633
Covington79321
Prentiss78617
Alcorn75310
Newton74722
Itawamba74121
George73913
Tallahatchie73418
Winston71919
Tishomingo65035
Attala63625
Chickasaw63524
Tippah63516
Walthall58925
Clay56216
Hancock55420
Noxubee54015
Jasper53615
Clarke52538
Smith51714
Calhoun50612
Tunica47213
Montgomery45020
Claiborne44916
Lawrence42212
Yalobusha41314
Perry39016
Humphreys36915
Quitman3625
Stone34611
Greene33516
Webster32813
Jefferson Davis32211
Carroll30812
Amite30710
Wilkinson30117
Kemper28515
Sharkey25812
Jefferson2359
Benton2151
Franklin1863
Choctaw1775
Issaquena1033
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Alabama Coronavirus Cases

Confirmed Cases: 128818

Reported Deaths: 2284
CountyConfirmedDeaths
Jefferson18648332
Mobile12949288
Montgomery8560170
Madison736573
Tuscaloosa7015112
Lee558259
Shelby550149
Baldwin502148
Marshall376342
Etowah326344
Calhoun321139
Morgan312925
Houston260621
Elmore247547
DeKalb230119
St. Clair218134
Walker217780
Talladega199925
Limestone191919
Cullman180017
Franklin172728
Dallas172526
Russell16912
Autauga162424
Lauderdale159231
Colbert157224
Escambia154324
Blount150413
Jackson146610
Chilton143325
Dale128042
Covington127027
Coffee12388
Pike11329
Tallapoosa112483
Chambers110642
Clarke104417
Marion91428
Butler90238
Barbour8097
Marengo69319
Winston68512
Lowndes64327
Pickens62214
Bibb6179
Hale60828
Bullock58514
Randolph58512
Lawrence57620
Monroe5708
Washington54513
Geneva5404
Perry5356
Wilcox52911
Cherokee52816
Clay5187
Conecuh51611
Crenshaw51531
Macon46619
Henry4524
Sumter41719
Fayette4128
Choctaw34212
Lamar3302
Cleburne3116
Greene29915
Coosa1573
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