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COVID-19: Virus plunges Australia into first recession in nearly 30 years

Australia, 2-Sep-2020

The Australian Bureau of Statistics said it was the fastest quarterly contraction on record and ends a record three-decade run of economic growth that was undented even by the global financial crisis. A recession is defined as two consecutive quarters of contraction. The economy shrank 0.3 percent in the previous three months. Australia has detected nearly 26,000 infections since the pandemic began, with Victoria accounting for about 75% of those cases. The national death tally rose to 663 after Victoria reported six deaths in the last 24 hours.