The Economic Report of the President for 1975 starts with the lines: The economy is in a severe recession. In Australia the last one was 28 years ago. Treasurer Josh Frydenberg says Australia's economy is now officially in recession.

He said there was not much the government could have done to avoid this recession.“There was no way to avoid it. The government announced a big stimulus package and in hindsight could have moved a bit quicker, but I think it was inevitable, this was going to be a weak quarter for us,” he said.“You could have had a slightly better outcome for the March quarter by not shutting down mass gathers, but then you would have had a lot more people getting sick and had a much worse outcome in the next June and September quarters,” he added.Mr Hawkins says a recession is often characterised as "when your neighbour loses their job". "We have been able to deliver a stimulus more than more other places in the world and quite quickly. "In the March quarter household spending fell by 1.1 per cent but it was skewed by the summer's fires and the pandemic.Spending on essentials was up 0.6 per cent but expenditure on discretionary goods and services dropped by an out-sized 3.9 per cent.Total business investment dropped by 0.4 per cent while capital spending by governments dropped by 0.7 per cent.Net trade contributed 0.5 percentage points to the result, but was this largely due to a drop of 6.2 per cent in imports.ABS chief economist Bruce Hockman said the economy had slowed sharply before the full impact of the coronavirus pandemic. That's what Treasury's advice to me is. Sign up to Shane is a senior economics correspondent for The Age and The Sydney Morning Herald.Australia in recession with first quarter of negative growth in nine yearsTreasurer Josh Frydenberg said the June figures will be "far more severe than what we have seen today. Credit: The West Australian. Australia has entered its first recession in 29 years, with gross domestic product in the March quarter down 0.3 per cent.. There isn’t much to be done to react in the March quarter.

Josh Frydenberg says Australia is in recession after the economy shrunk by 0.3 per cent in the March quarter, and with June expected to be worse.

The last recession was in 1990-91.Mr Frydenberg conceded the country is in recession "on the basis of the advice that I have from the Treasury Department about where the June quarter is expected to be".He said the next quarter figures will more fully reflect the coronavirus pandemic and associated shutdowns, which began in Australia in March.

Treasurer Josh Frydenberg says Australia is in recession after the economy was battered by bushfires and the early stages of the coronavirus pandemic to shrink by 0.3 per cent in the March quarter, the first quarter of negative growth in nine years.The popular definition of a recession is consecutive negative quarters of growth, and economists, the Treasury and the RBA are all resigned to the June quarter showing the economy experiencing its worst three-month period since the 1930s.The Australian Bureau of Statistics on Wednesday said a collapse in consumer spending on services and falls in government capital expenditure and household construction contributed to the March quarter result.The negative quarter is only the fourth time this century the economy has gone backward in a three-month period. Over the years, that initial report has improved to a fall of 0.3 per cent.It was followed by a 1.2 per cent jump in GDP in the June quarter.Get our Coronavirus Update newsletter for the day's crucial developments at a glance, the numbers you need to know and what our readers are saying. A depression, he says, is when you also lose your own.“Some people will lose hours and lose their job, that’s going to be the impact on many people," he said. While the exact number for the current June quarter isn’t yet known, there is no mistaking that due to the coronavirus shutdown's impact on the economy it will be negative growth. "Wage growth is going to be sluggish too, without competition to find people, you aren’t going to see any upward pressure on wages for a long time.”Mr Haslem agrees.

Source: AAPJosh Frydenberg shows international GDP growth comparisons. House prices have been tumb-ling, particularly in Sydney and Melbourne, stoking the fears. International students line up outside Melbourne Town Hall for food vouchers. It was the most severe since World War II.

He told SBS News the government’s predictions of an up to 10 per cent negative growth may be pessimistic, but he would expect a figure closer to negative seven or eight per cent.Despite its negative growth figures, Australia is actually faring relatively well compared to the rest of the world and especially compared to other developed countries.Mr Haslem says the reason Australia's economy is the “envy of the world” is largely because it was in a strong fiscal position to begin with at the start of the pandemic.“It’s 30 years since our last recession, that obviously means we’ve had a good growth experience, we have a good fiscal position," he said. The absence of an Australian recession – whether defined by two quarterly GDP contractions in a row or negative annual growth - for 28 years is instructive. Grundlage sind die Top 50 der australischen Charts der ARIA.

“Your average person knows more unemployed people in a recession,” he said. The question now is how deep the recession will be.When asked if Australia was in recession on Wednesday, Treasurer Josh Frydenberg said: “the answer to that is 'yes', and that is on the basis of the advice I have from the treasury department about where the June quarter is expected to be”.The key figure is the overall GDP growth, which slipped into negative territory for the first quarter period, between January and March this year.While the negative growth was only small, at negative 0.3 per cent, that is mainly because the coronavirus shutdowns only began in mid-March so are only partially covered by the data released today.All eyes are now on how bad the next quarter will be. Unemployment is too high and will rise higher. Why there has been no recession for 28 years. Watch the video above .

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