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It's official: Australia Enters Recession - The Wall Street Journal

@ 2:36 pm, Sat 25th Apr 2009

Tags: Australia capitalism

By ENDA CURRAN

SYDNEY - The Reserve Bank of Australia said the nation has joined its global peers in recession, but the long-term prospects for growth remain sound.

The statement by RBA Governor Glenn Stevens that Australia's economy is shrinking matches a similar message from Prime Minister Kevin Rudd and Treasurer Wayne Swan, both of whom this week signaled Australia is headed for its first recession since the early 1990s.

"Whether or not the next [gross domestic product] statistic, due in early June, shows another decline, I think the reasonable person, looking at all the information available now, would come to the conclusion that the Australian economy, too, is in recession," Mr. Stevens said.

Yet, although slumping confidence means business investment is likely declining sharply, with reduced hiring plans, he added, it's unlikely that the pace of contraction in Australia will match that of its global peers.

Turns out that, after all, it is not Labour's recession, but a global one.

Gordon Brown has really shafted Australia as well eh Mr Cameron?

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