Informer: The recession you're having - like it or not

The recession we're having - like it or not

Paul Keating called the last one "the recession we had to have". This one is the "recession you're having whether you like it or not".

Australia's economy has dived into its first recession in nearly 30 years, as the economic impact of coronavirus resonates. It's not something that sits well with the Prime Minister.

"Our Australian economy has been savaged by the COVID-19 global pandemic and recession," he told parliament on Wednesday. "It is delivering an awful and heartbreaking blow to Australians and their families all around the country."

Having avoided the economic collapse which plagued much of the world in 2008, the economy, already wobbling thanks to the summer's bushfire crisis, has been hit a hammer blow by the pandemic.

And let's remember, the most recent stats don't include the impact of Melbourne's second lockdown.

With unemployment numbers growing and economic measures to help people scheduled to be reeled back in over coming months, it is little consolation Australia is doing better than most other advanced economies.

The US economy, the world's biggest, shrank 9.5% between April and June while the UK's shrank by 20.4% pushing it into recession as well. France's economy fell by 13.8% and Japan's by 7.6%, the BBC reported.

While we're in the UK, former PM Tony Abbott delivered what AAP called "an incendiary speech railing against so-called health dictatorships".

On the COVID-19 front today Victoria recorded six deaths and 90 new cases, up slightly from the previous day. In NSW 17 new cases were recorded - one in hotel quarantine, 15 linked to clusters and one locally acquired with no known source.

The national death toll is now 663.

Meanwhile the worst-kept secret in Aussie sport was confirmed when it was confirmed that Queensland will host the 2020 AFL grand final.

No doubt the game, under lights at the Gabba, will be an entirely different affair to the most recent non-MCG flag decider at Waverley Park in 1991. Pre-game entertainment featured Angry Anderson in a "batmobile" so the bar isn't particularly high.

The crumb of comfort for Victorians comes in the news that the grand final-eve public holiday stays. It's being re-badged as a day to honour the state's battle against coronavirus.

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