Australia is entering its first downturn in about three decades, to a great extent because of the financial effect of the Covid-19 pandemic, Treasurer Josh Frydenberg said on Wednesday.
The country's economy contracted 0.3% in the initial three months of this current year, as per the Australian Bureau of Statistics. Frydenberg said he anticipated figures for the second quarter of 2020 to be more regrettable.
When asked at a news meeting on Wednesday whether Australia is in downturn, Frydenberg answered: "Yes and that is based on the guidance that I have from the Treasury Department about where the June quarter is relied upon to be."
Specialists state Australia had the option to climate different genuine worldwide money related emergencies on account of a blend of consistent populace development, an ascent in trades and the expanding significance of its administration economy.
Frydenberg recognized the Covid-19 shutdown as the finish of a 29-year run of monetary development in Australia, however applauded his administration's financial boost measures. "," he said.
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