Australia suffers first recession since 1991 as lockdowns trash economy

Josh Williamson, an analyst at Citi, claimed that an unprecedented A$62bn (£34bn) of stimulus was doled out by means of rescue strategies for firms and personnel. He expects at minimum A$50bn more in the 3rd quarter.

As a final result people observed their incomes held up even as spending plunged thanks to lockdown constraints, so they could save more, potentially paving the way for a much better recovery when the pandemic is above. Discounts rates rocketed from 6pc of earnings to 19.8pc. 

Having said that, it is challenging to choose when the recovery will get hold.

Australia executed effectively early on in the pandemic, cracking down on the unfold of the virus and boosting hopes that the state would escape the worst.