Australia officially in a recession

It's official - Australia has ended 29 years of growth and posted its worst economic growth in 61 years. The question now is, what's next? #growth #finance #ausbiz https://lnkd.in/gRGu7JC Anastasia Santoreneos Yahoo Finance Australia

This week confirmed that Australia entered a severe recession, with a record drop in activity over the June quarter. But there are some positives to take out of the results, with Australia navigating the crisis better than many of our peers. We can't sit back and relax quite yet, as Australia still has to navigate a tricky path to recovery over the coming year.

It was one hell of a run, but #Australia's long boom is officially over. Count it as one sign among many that the pandemic has dramatically altered the trajectory of every country on the planet. “I know there is no exit plan,” said Reuben Lewis, 31, a jazz musician who is relying on government assistance. “There’s going to have to be a new thinking about how people sustain their work.” #coronaviruspandemic

Another one bites the dust. This time it's Australia falling into recession and suffering records lows for its economy.

We have officially learned Australia is in recession. Figures for the June quarter evidence the worst economic growth in at least 60 years. An anticipated, yet nonetheless somber result, for sure. As we process today's news, it's helpful (for me) to contextualize the "old" data, with contemporary analysis and commentary. Reserve Bank of Australia Governor, Philip Lowe, recently stated "as difficult as this is, the downturn is not as severe as earlier expected and a recovery is now underway in most of Australia." Validating Dr Lowe's comments, the Australian Industry Group (Ai Group) performance of manufacturing index (PMI) reported expansion in July, followed by a Victoria-lockdown influenced fall to 49.3 points in August, just below the 50-point mark that separates a contraction in activity from an expansion. NSW and South Australia remained in expansion territory and Queensland improved. My recent visits and communications with clients and industry contacts has left me with a sense of measured optimism. Business leaders & organisations are getting on with the job. We are, of course, not out of the woods. Today’s news cycle, however, should not overshadow the demonstrated resilience and developing confidence of a business community in pursuit of recovery.

This news is very hard to hear, but not unexpected. We have some difficult times ahead that will present many challenges for all of us, #leaders, business, employees & families. 'Australia is officially in recession for the first time in 29 years after posting a 7 per cent fall in June quarter GDP – the biggest since records started in 1959. Household consumption collapsed 12.1 per cent in the quarter, down further from the 1.1 per cent fall in the March quarter and now pulls annual consumption to negative 12.7 per cent. Total private #business investment contracted 6.5 per cent, down further from the 0.8 per cent contraction in the March quarter and is now down 7.6 per cent for the year.' #economy #leadership

We have officially learned Australia is in recession. Figures for the June quarter evidence the worst economic growth in at least 60 years. An anticipated, yet nonetheless somber result, for sure. As we process today's news, it's helpful (for me) to contextualize the "old" data, with contemporary analysis and commentary. Reserve Bank of Australia Governor, Philip Lowe, recently stated "as difficult as this is, the downturn is not as severe as earlier expected and a recovery is now underway in most of Australia." Validating Dr Lowe's comments, the Australian Industry Group (Ai Group) performance of manufacturing index (PMI) reported expansion in July, followed by a Victoria-lockdown influenced fall to 49.3 points in August, just below the 50-point mark that separates a contraction in activity from an expansion. NSW and South Australia remained in expansion territory and Queensland improved. My recent visits and communications with clients and industry contacts has left me with a sense of measured optimism. Business leaders & organisations are getting on with the job. We are, of course, not out of the woods. Today’s news cycle, however, should not overshadow the demonstrated resilience and developing confidence of a business community in pursuit of recovery.

#Australia's #economy has recorded its worst fall on record, contracting by 7%. This is, by a wide margin, the largest fall in quarterly #GDP since records began in 1959. Australia is now in the grip of our first #recession in 30 years. #COVID19 #coronavirus

So, it's official, Australia is in its first economic recession since 1991 (which is a pretty phenomenal record for a capitalist country by the way!). But what does this mean for us now? It means it's going to be a tough and testing few years! Inevitably people will lose jobs, savings, houses and the luxuries we take for granted will come sharply into perspective for being exactly that, luxuries. As a Recruiter, I know it's going to be the toughest test of my career to date, we don't get the best reputation in the market at the best of times, especially when the sight of a job advert leads to recruiters becoming more predatory than a great white at the smell of blood in the water! However, there is still much value to be added from working with us, honest! I've been working in the market since early 2017 and have a strong, established base of clients and candidates alike that I respect very much, my network is ever growing and if anyone would like to speak to me about job opportunities, market intel, resume help or a general catch up then please reach out! The next period is about helping one another out, If I can be a part of that process for you then drop me a message or call me on 02 9003 4931. I'm back in the city and ready for a coffee if you are!