It’s been nearly a quarter of a century since Australia was in a technical recession.
As the chart below reveals, the last time the economy contracted for two consecutive quarters was Q2 1991, some 99 quarters ago.
Should GDP increase in the June quarter this year, it will take that tally to 100 consecutive quarters without a recession, or a cool 25 years.
Though there’s always debate about the headline GDP figure — it’s dated, the composition of growth isn’t great and it doesn’t take into account other factors such as population growth just to name three — given the track record of other advanced economies over the same period, it’s still an impressive, and near unprecedented, run of uninterrupted economic growth.
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