Australia has officially sunk into recession for the first time in almost 30 years with a quarterly slump that is worse than the 1930s Great Depression.
Figures for the June quarter showed a record seven per cent contraction, the Australian Bureau of Statistics has confirmed.
On an annual basis, the economy shrunk by 6.3 per cent.
The national accounts data confirmed a technical recession for the first time since mid-1991, following a 0.3 per cent decline in gross domestic product during the March quarter.
Until today, Australia officially held a 29-year world record for avoiding a recession but COVID-19 social distancing policies and border closures have ended that with a bang.
Scroll down for video
Australia has officially sunk into recession for the first time in almost 30 years with a quarterly slump that is worse than the 1930s Great Depression. Figures for the June quarter showed a record seven per cent contraction, the Australian Bureau of Statistics has confirmed. Pictured is a Melbourne shop closing down
On an annual basis, the economy shrunk by 6.3 per cent. The quarterly slump was an worse than the 1930s Great Depression while the annual decline is unlike anything seen in almost 90 years
A recession is defined as two consecutive quarters of GDP contraction and the last time Australia had one, mobile phones were the size of bricks and the internet was a university project.
Up until the 1991 recession, Australia had suffered an economic contraction several times a decade, on average.
A prolonged recession that began in September 1982 lasted a year, during a period of prolonged drought and the devastating Ash Wednesday bushfires in Victoria and South Australia. That followed another recession in 1981.
Another recession also occurred in 1977, during an era of widespread strikes.
The economy also took a beating in the final two quarters of 1975, when Governor-General Sir John Kerr dismissed Gough Whitlam as Labor Prime Minister.
A recession also occurred in late 1971 and early 1972, several months before Billy McMahon lost the election, ending 23 years of Coalition rule.
A credit squeeze also sparked another recession during the June and September quarters of 1961, ending only two months before then Prime Minister Robert Menzies held on to power by one seat.
Source: Australian Bureau of Statistics national accounts GDP data
The downturn experienced in 2020 is at a level unseen since the early days of radio and before the invention of television.
Treasurer Josh Frydenberg, the architect of Australia's biggest-ever stimulus crisis spending packages, now has the daunting task of engineering an economic recovery - with unemployment tipped to reach double-digit figures by Christmas for the