Terrible news out today 07.12.16 that due to economic mismanagement from the federal government the Australian economy has shrunk by 0.5pc in the September quarter, which is in fact the worst fall since the Global Financial Crisis in 2008. This bought the annual growth rate to a miserable 1.8 pc which was far below market expectations. Economic growth, construction data were much worse than expected, and business confidence was also weak.
The last time Australia had a negative quarter was in 2011, when Queensland floods knocked out a large portion of coal production. One negative quarter does not mean recession however many respected economists have predicted an Australian recession this year or next. This does not bode well for everyday Australians given that 1,101,000 people in Australia are looking for work (figures Roy Morgan Research) with a further 1,002,000 people under-employed and not earning enough to support themselves. This L&NP government have led this country into a crisis point with their negative policies, we must change asap.