Members Statement - Recession

RECESSION

Thursday, 4 June 2020

Mr NEWBURY (Brighton):

Victoria is in recession, and we are headed in the wrong direction.

Yesterday’s National Accounts saw State Final Demand had shrunk by 0.1 per cent in the March quarter, after shrinking 0.2 per cent in the December quarter.

Our State has been heavy-handed in dealing with the pandemic, and it will have an economic impact.

Many fear there will be a deeper recession in Victoria than in other States.