“Gather some long-overdue courage, head to the Strait, and claim it. Safeguard it, and utilize it for your advantage.”
“While avoiding a recession is preferable, if taming inflation proves difficult, we may have to confront such a possibility,” she remarked at the time.
“The more prolonged the shock, the more severe the repercussions on our economy, impacting inflation, growth, and the labor market,” he stated during a press conference yesterday.
“I would like to remind everyone that we’re facing this significant global economic challenge from a position of genuine relative economic strength.”
Australia’s most recent technical recession took place during the initial six months of the COVID-19 pandemic in 2020, disrupting nearly three decades of continuous economic growth.
Prior to that, the last recession was the “recession we had to have” in the early 1990s.
Before that, the last recession was the “recession we had to have” in the early 1990s.
A recession is most commonly defined as two consecutive quarters of negative growth in real GDP but the RBA notes it can have other, broader elements.
Australia’s latest unemployment rate (seasonally adjusted) was 4.3 per cent in February, rising from 4.1 per cent in January.
While the figure alone is relatively low, it has been tracking upwards since October 2022.
The highest unemployment rate in the past decade was 7.4 per cent in June 2020 during the pandemic.
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