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So what does it mean and are we likely to have one in australia.
Definition of recession australia. Many other indicators of economic activity are also weak during a recession. A recession can be defined as a sustained period of weak or negative growth in real gdp output that is accompanied by a significant rise in the unemployment rate. He has produced research that suggests a better definition of recession is a period in which the jobless rate rises by 1 5 percentage points or more within an 18 month period. A recession is generally when a country s economy declines.
Has australia ever had a recession before. This according to eslake is a better fit for what most aussies would feel is a recession.
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