First Australian recession in almost 30 years confirmed

Australian Bureau of Statistics (ABS) showed the Australian Gross Domestic Product (GDP) fell seven per cent in the June quarter - the largest quarterly fall on record.

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Australia's economy has officially fallen into recession for the first time in three decades. 

The national accounts figures for the June quarter show a seven per cent slump - on top of the .3 per cent decline in March.

It's the largest quarterly fall in Gross Domestic Product since records began.

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