Australian economy showing 'remarkable resilience' despite COVID havoc

Treasurer Josh Frydenberg has praised the remarkable resilience of the Australian economy in the face of the COVID-19 pandemic which has "wreaked enormous havoc across the global economy".

During Question Time on Tuesday, Mr Frydenberg spoke of the "staggering" impact on GDP being experienced around the globe in the fallout of the pandemic.

"In the United Kingdom, it's been around 20 per cent, in France it's been around 14 per cent," he said.

"In Germany it was 10. 1 per cent and the United States it was 9.1 per cent".

Australia's GDP is widely predicted to take a hit in when the National Accounts for the June Quarter are released on Wednesday.

However, Mr Frydenberg said the expectation is that the fall in Australia "will not be as large as we've seen in other countries around the world".

"Indicating the remarkable resilience of the Australian economy," he said.

Mr Frydenberg also said there have been 340,000 jobs created over the last two months in the country.

Image: News Corp Australia

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