Digest

COVID-19 Informer: Travel on people's mind as economy tips into recession

By Gavin Stone
Updated June 3 2020 - 5:09pm, first published 4:37pm
Travel on people's mind as economy tips into recession
Travel on people's mind as economy tips into recession

It wasn't the biggest surprise when earlier today Treasurer Josh Frydenberg announced Australia was in recession. It is the first recession in almost 30 years, since 1990 as the economy was smashed by the coronavirus pandemic. Worse is to come. Unemployment would rise to about 10 per cent in the June quarter, a faster rise than in the Great Depression, Treasury Secretary Steven Kennedy has predicted. "We have never seen an economic shock of this speed, magnitude and shape," he said at the end of April.

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