Economics
Australian GDP Falls by Most on Record, Confirming Recession
- Household spending fell 12.1%, government spending rose 2.9%
- Savings ratio soared to 19.8%, the highest rate since 1974
A 'closing down' sign fills the window of a homewares store in Melbourne, Australia, on Sept. 1.
Photographer: Carla Gottgens/BloombergThis article is for subscribers only.
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Australia’s economy contracted by the most on record last quarter, underscoring the need for unprecedented stimulus measures as the recovery from the nation’s first recession in almost 30 years is buffeted by Victoria state’s renewed Covid outbreak and lockdown.