Thanks for logging in.

You can now click/tap WATCH to start the live stream.

Thanks for logging in.

You can now click/tap LISTEN to start the live stream.

Thanks for logging in.

You can now click/tap LATEST NEWS to start the live stream.

LISTEN
Watch
on air now

Create a 4BC account today!

You can now log in once to listen live, watch live, join competitions, enjoy exclusive 4BC content and other benefits.


Joining is easy.

Advertisement
Advertisement
Advertisement

‘Down the elevator, up the stairs’: Economic recovery to take years

BROOKE CORTE
Article image for ‘Down the elevator, up the stairs’: Economic recovery to take years

Australia is officially in recession after suffering a 7 per cent fall in GDP in the June quarter, the largest quarterly plunge since records began in 1959.

By way of comparison, the previous biggest quarterly fall occurred in 1974, when the economy contracted just 2 per cent.

Australia’s annual growth rate has fallen to negative 6.3 per cent, the lowest level since World War II.

Leading economist Professor Warren Hogan says there is little hope of the economy rapidly snapping back and warns Australians to prepare for a long, drawn-out recovery.

“We’re not going to get back to where we for at least two, even three years, and that’s even with some pretty good economic policy from the government,” Professor Hogan tells Brooke Corte.

“It’s down the elevator and up the stairs,”

Click play to hear the full interview:

 

BROOKE CORTE
Advertisement