(February 21, 2013 at 6:35 am)Aractus Wrote:(February 20, 2013 at 4:23 pm)Justtristo Wrote: Australia did not go into a recession during the global financial crisis.Actually it did. Three consecutive quarters of negative growth, job losses to higher unemployment, low consumer confidence, retail sector hit. The Government stimulus spending is the only thing that tells you we didn't have a recession, everything else tells you we certainly did have one.
According to the ABS Economic Indicators for January 2010, Australia only recorded 1 quarter of negative economic growth in 2008-2009. That was a figure of -0.1% in the December Quarter. According to the ABS in 2008-2009 Australia recorded GDP growth of 1%.
I am not denying that the GFC hit consumer confidence, retail sales and led to a increase in unemployment. However Australia did avoid recession and even if there had not been a stimulus package, the recession would have been comparably mild compared to what the United States or Britain went through.
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