Australia suffers first recession since 1991 as lockdowns trash economy

Josh Williamson, an analyst at Citi, said that an unprecedented A$62bn (£34bn) of stimulus was doled out via rescue schemes for corporations and employees. He expects at the very least A$50bn much more in the third quarter.

As a final result people uncovered their incomes held up even as investing plunged thanks to lockdown restrictions, so they could save much more, likely paving the way for a more robust recovery when the pandemic is around. Cost savings fees rocketed from 6pc of earnings to 19.8pc. 

Nonetheless, it is hard to judge when the recovery will get keep.

Australia executed properly early on in the pandemic, cracking down on the spread of the virus and increasing hopes that the nation would escape the worst.