finance - economy - australian economy
How everyday Australians will be impacted by the recession Australia is experiencing its first recession in decades, with jobs, wages, the cost of living and the housing market all set to be impacted.
news.com.au
June 3, 2020 6:54pm
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How everyday Australians will be impacted by the recession. Picture: Brook Mitchell/Getty Images Source:Getty Images
Today, Treasurer Josh Frydenberg confirmed Australia is now in a recession as result of the major economic impacts from the coronavirus pandemic.
When asked whether the country was in recession, Mr Frydenberg said:
“Well, the answer to that is yes. And that is on the basis of the advice that I have from the Treasury Department about where the June quarter is expected to be.”
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The confirmation came after the Australian Bureau of Statistics reported the economy shrank by 0.3 per cent in the March quarter, off the back of the bushfires, drought and coronavirus pandemic.
The announcement has left many Australians wondering what the recession actually means for them.
Here are some of the areas that will most likely be impacted.
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READ MORE: https://www.news.com.au/finance/economy/australian-economy/how-everyday-australians-will-be-impacted-by-the-recession/news-story/edd789cafc77b4f94c57fa3ac6bc3fd4
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