Firstly, what is a recession? Economists generally agree a recession is two consecutive quarters of negative growth in Gross Domestic Product (GDP), i.e. declining economic output.

Currently, Australia has not yet recorded two consecutive quarters of GDP contraction, so the technical answer is ‘no! Indeed, Treasurer Josh Frydenberg was quoted as saying that “Treasury were contemplating a fall in GDP of more than 20% in the June quarter. This was the economists’ version of Armageddon”. No doubt this will mark Australia’s first technical recession since 1991.
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