Australia to see 'official confirmation' of a recession

The Motley Fool’s Scott Phillips says it would be a “Herculean” task for Australia to somehow record positive economic growth when the national account figures are released on Wednesday.

“I can’t imagine the circumstances in which we’re not,” Mr Phillips told Sky News.

The March quarter saw Australia’s economy contract by 0.3 per cent, which considered the effects of the devastating bushfire season without the full impacts of the coronavirus.

A second consecutive quarter of negative growth will see Australia enter a recession for the first time in almost three decades.

“Most forecasts have us down somewhere between five and seven per cent (GDP drop).

“Even if it’s half of that, it’s still negative.

“We will see official confirmation of us being in a recession.”

Видео Australia to see 'official confirmation' of a recession канала Sky News Australia