Australia's Treasurer Frydenberg: Expect a 3% (or more) contraction for Q3 GDP
The September quarter in Australia was beset by periods of lockdowns covering around half of the country's population.
Treasurer Frydenberg flagging bad news for third quarter economic growth. Not unexpectedly.
Well, yeah. As Sydney and Melbourne (Australia's two largest cities) reopen from lockdown this quarter there will be a bounce back.
- Confident that the economy will bounce back
- Consumption will help drive the recovery