Why Australia’s 2020 recession is one like no other
Michael is joined by Adam Creighton, Economics Editor with The Australian & Co-Host Sky News Business Weekend, who writes that even though Australia is technically in a recession, the pain won’t be felt for many months yet.
‘If there’s a silver lining to the recession, it’s that we don’t have to hear the self-congratulatory BS about “29 years of uninterrupted growth” ever again. We had at least three per capita recessions during that period, which is what matters for living standards.’
‘While the economy tanked 7%, household income actually Rose 2.2% during the second quarter, suggesting we might have gone a little overboard on stimulus. And unincorporated businesses enjoyed a 22% earnings bump!’, says Mr Creighton.
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