Asia Today: Morrison vows 'titanic effort' to lift economy
Added 09-27-20 12:03:01am EST - “Prime Minister Scott Morrison says the Australian budget, to be delivered Oct. 6, will be a "titanic effort" to return the country to economic growth amid the coronavirus pandemic.” - Washingtontimes.com
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CANBERRA, Australia (AP) - Prime Minister Scott Morrison says the Australian budget, to be delivered Oct. 6, will be a “titanic effort” to return the country to economic growth amid the coronavirus pandemic.
Morrison told reporters Sunday that the budget will the “most unprecedented investment in Australia’s future.”
Australia’s gross domestic product shrank 7% in the quarter form April to June, the largest contraction since record-keeping began in 1959. That followed a 0.3% decline in the first quarter, meaning Australia was technically in recession for the first time in 30 years.
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Australia was the only major economy not to go into recession during the 2008 global financial crisis, its strength supported by strong demand, especially from China, for its natural resources - coal, natural gas and iron ore.
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