Australian Politics Forum - A recession is coming

Bam

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A recession is coming
Jun 3^rd, 2020 at 3:22pm

Australia in its first recession in 29 years as March quarter GDP shrinks
Quote:

Key points:
* Australia's GDP, or economic output, fell 0.3% over the March quarter
* With a big fall in GDP certain in the current June quarter that will mark Australia's first technical recession in 29 years
* A rise in net exports and grocery spending could not offset the large falls in spending on travel and other services

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Sir lastnail Gold Member Offline Australian Politics Posts: 29705 Gender:	Re: A recession is coming Reply #1 - Jun 3^rd, 2020 at 3:29pm They have been growing the economy on a pile of debt. They did not save for a rainy day and just wanted to walk the easy road of cheap credit
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UnSubRocky Gold Member Offline Australian Legend Posts: 21723 Rockhampton, Q Gender:	Re: A recession is coming Reply #2 - Jun 3^rd, 2020 at 3:31pm There will probably be an asterix next to Australia's figures for economic growth. Australia will continue being seen as not registered as having a recession due to the coronavirus influence. If we register economic growth in the September quarter, we may as well consider June as not relevant as a recession.
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John Smith Gold Member Offline Australian Politics Posts: 72209 Gender:	Re: A recession is coming Reply #3 - Jun 3^rd, 2020 at 3:48pm we were on track to a recession before Covid.
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The_Barnacle Gold Member Offline Australian Politics Posts: 6205 Melbourne Gender:	Re: A recession is coming Reply #4 - Jun 3^rd, 2020 at 5:05pm The March quarter was barely influenced by Covid. It's all Scotty@Marketing.
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Bam

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Re: A recession is coming
Reply #5 - Jun 3^rd, 2020 at 5:11pm

UnSubRocky wrote on Jun 3^rd, 2020 at 3:31pm:

There will probably be an asterix next to Australia's figures for economic growth. Australia will continue being seen as not registered as having a recession due to the coronavirus influence. If we register economic growth in the September quarter, we may as well consider June as not relevant as a recession.

A recession is a recession and every recession has a cause. No special pleading has ever been accepted.

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You are not entitled to your opinion. You are only entitled to hold opinions that you can defend through sound, reasoned argument.

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freediver Gold Member Online www.ozpolitic.com Posts: 47353 At my desk.	Re: A recession is coming Reply #6 - Jun 3^rd, 2020 at 6:04pm Some recessions have largely macroeconomic causes, which is a significant distinction to make.
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Grappler Truth Teller Feller Gold Member Offline Australian Politics Posts: 80190 Proud pre-1850's NO Voter Gender:	Re: A recession is coming Reply #7 - Jun 3^rd, 2020 at 6:50pm It's here - officially now... And the world moves one step closer to global conflict......
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Bam Gold Member Offline Australian Politics Posts: 21905 Gender:	Re: A recession is coming Reply #8 - Jun 3^rd, 2020 at 7:05pm Recession was obvious for Australia, whether GDP numbers confirmed it or not
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Baronvonrort Gold Member Offline Australian Politics Posts: 17471 Gender:	Re: A recession is coming Reply #9 - Jun 3^rd, 2020 at 7:09pm What did you think would happen when we shut down the country doubled the dole and told people to stay at home because of the CCP virus? If we stayed open the lefties would be having a whinge about pandemic getting out of control.
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UnSubRocky

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Re: A recession is coming
Reply #10 - Jun 3^rd, 2020 at 9:41pm

Bam wrote on Jun 3^rd, 2020 at 5:11pm:

UnSubRocky wrote on Jun 3^rd, 2020 at 3:31pm:

There will probably be an asterix next to Australia's figures for economic growth. Australia will continue being seen as not registered as having a recession due to the coronavirus influence. If we register economic growth in the September quarter, we may as well consider June as not relevant as a recession.

A recession is a recession and every recession has a cause. No special pleading has ever been accepted.

Yeah, I mean that people will use covid19 as an excuse to say that this recession should not count as a recession. Not that it really matters, when almost all the top 20 economies in the world are also going through a recession, too.

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UnSubRocky

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Re: A recession is coming
Reply #11 - Jun 3^rd, 2020 at 9:45pm

Baronvonrort wrote on Jun 3^rd, 2020 at 7:09pm:

What did you think would happen when we shut down the country doubled the dole and told people to stay at home because of the CCP virus?

If we stayed open the lefties would be having a whinge about pandemic getting out of control.

Elderly people would have complained about young people spreading the virus left right and centre, making sure that old people had to stay at home.

I find it weird that I can interact with my customers and be within 2 metres of them without any real concerns by either party. But I cannot go to a restaurant or the cinema because I might catch coodees from a neighbouring patron?

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Sir lastnail

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Re: A recession is coming
Reply #12 - Jun 7^th, 2020 at 10:23am

Baronvonrort wrote on Jun 3^rd, 2020 at 7:09pm:

What did you think would happen when we shut down the country doubled the dole and told people to stay at home because of the CCP virus?

If we stayed open the lefties would be having a whinge about pandemic getting out of control.

Isn't that what they did when they decided to close down manufacturing years ago ?? Cheesy

LOL

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In August 2021, Newcastle Coroner Karen Dilks recorded that Lisa Shaw had died “due to complications of an AstraZeneca COVID vaccination”.

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Jasin

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Re: A recession is coming
Reply #13 - Jun 7^th, 2020 at 10:53am

Australia's Economy is going to be a Steven Bradbury to most other Economies.
We might be in a Recession. But we are in one with a population of healthy people.
Other nations will fall into Recession and then Depression because their population as a whole is pretty sick. Ever see a sick person with Corona go off to work every morning?
No.

The Political and Military orientated Nations will be hardest hit. That means Australia too... possibly?

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AIMLESS EXTENTION OF KNOWLEDGE HOWEVER, WHICH IS WHAT I THINK YOU REALLY MEAN BY THE TERM 'CURIOSITY', IS MERELY INEFFICIENCY. I AM DESIGNED TO AVOID INEFFICIENCY.

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Bam Gold Member Offline Australian Politics Posts: 21905 Gender:	Re: A recession is coming Reply #14 - Jun 8^th, 2020 at 9:47am The rightards don't like a discussion about the recession because they know that the label "Morrison's recession" is going to stick. Every recession that Australia has had in living memory have had two things in common: (1) global factors as a cause, and (2) the government of the day getting blamed for it regardless.
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