Australia is officially in its first recession in 29 years. The feeble state of its economy is undeniable.
Australian Treasurer Josh Frydenberg confirmed the country is in a recession on Wednesday.
"Based on what we know from Treasury, we're going to see a contraction in the June quarter which is going to be a lot more substantial than what we have seen in the March quarter," Treasurer Josh Frydenberg told media on Wednesday, confirming the country is today in recession. While a negative first quarter doesn't really make much difference in the grand scheme of things, it could have opened the door to denialists and revisionists.Wednesday's official numbers have helped at least kill off that possibility, with the Treasurer laying out the challenge ahead.
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