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Covid-19 dives Australia into first downturn in almost 30 years.

Today's national accounts confirm the devastating impact on the Australian economy from COVID-19, said Treasurer Josh Frydenberg.

Australia tumbled into its first recession for almost three decades with its pandemic-crippled economy shrinking a record 7 percent in the second quarter, official data shows.

With vast swathes of the domestic and global economy shut down to contain the deadly disease, business activity suffered a catastrophic drop — despite authorities providing billions of dollars in support — not even witnessed during the global financial crisis.

Today’s national accounts confirm the devastating impact on the Australian economy from COVID-19, said Treasurer Josh Frydenberg.

Our record run of 28 consecutive years of economic growth has now officially come to an end. The cause: a once-in-a-century pandemic, he said.

The economy contracted 7 percent in April-June from the previous three months, in line with government forecasts, the Australian Bureau of Statistics said. That followed a 0.3 percent dip. A recession is defined as two consecutive quarters of contraction.

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