Finance

Australia on the economic rebound from COVID-19 after first recession in 30 years

Australia is rapidly ridding itself of restrictions and hopeful of being fully open by Christmas.

But it’s also emerging from virus-induced economic disaster after being plunged into its first recession in almost three decades.

Now, the Australian economy has posted its biggest quarterly expansion since 1976, rebounding by 3.3 per cent in the September quarter.

Treasurer Josh Frydenberg says the latest national accounts, which were released on Wednesday, should give Australians “optimism and hope” despite annual growth still being down 3.8 per cent.

“Australia’s recession may be over but Australia’s economic recovery is not,” he told reporters.

“There is a lot of ground to make up and many Australian households and many Australian businesses are doing it tough – very tough.”

Better than expected

Yet the situation is better than expected.

The news came as Australia went without reporting a locally acquired infection on Wednesday and more states foreshadowed easing restrictions.

NSW will enter a new summer normal, lifting a tranche of restrictions on Monday including changing the social distancing recommendation.

Treasurer Dominic Perrottet labelled Wednesday “freedom day” and said the relaxed limits would inject millions of dollars into the economy.

Australia is close to having all state and territory borders open by Christmas. Credit: AAP

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