Australia suffers first recession since 1991 as lockdowns destroy economy Business

Josh Williamson, analyst at Citi, said an unprecedented A $ 62 billion (£ 34 billion) stimulus had been distributed through bailouts for businesses and workers. He expects at least A $ 50 billion more in the third quarter.

As a result, families found their incomes maintained even as spending plunged due to foreclosure restrictions, so they could save more, paving the way for a stronger recovery once the pandemic is over. Savings rates fell from 6% of income to 19.8%.

However, it is difficult to judge when the recovery will materialize.

Australia performed well at the start of the pandemic, quelling the spread of the virus and raising hopes the country would escape the worst.