Australian Treasurer Frydenberg: Sept quarter GDP will be slightly negative or flat
|Following the release of the Australian Q2 GDP report, Treasurer Josh Frydenberg expresses his take on the record contraction.
Key quotes
“Victoria lockdown will weigh heavily on the September quarter GDP.”
“Expects Sept quarter GDP will be slightly negative or flat.”
“Announcements on any tax cuts will come in the October budget.”
Earlier today, the Australian Bureau of Statistics (ABS) confirmed that the country is in recession after reporting the contraction of -7% QoQ in Q2, the worst since the Great Depression.
AUD/USD licks its wound
AUD/USD has stalled its decline and consolidates around mid-0.7300s, as the dust settles over the GDP aftermath.
At the press time, the aussie drops 0.26% to trade at 0.7351.
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