Fri. Sep 25th, 2020

Fxtriangle | Market analysis | Managed trading

Fxtriangle will make Fx trading look easy.

Australia’s GDP falls 7% in June

1 min read
Australia’s economy is officially in a recession after June quarter data revealed the nation’s gross domestic product (GDP) has shrunk by 7 per cent.
Data released by the Australian Bureau of Statistics (ABS) revealed that in the three months from April to June the nation’s GDP suffered its biggest drop since records began in 1959.
The previous quarter – which recorded activity across January to March – Australia’s GDP fell by 0.3 per cent.
Treasurer Josh Frydenberg said today’s figures could have been far worse without financial assistance.
“Without the Morrison government’s economic support, 700,000 more jobs would have been lost and the unemployment rate would have been 5 percentage points higher,” Mr Frydenberg said.
“In March Treasury were contemplating a collapse of GDP of more than 20 per cent.
Mr Frydenberg estimates the restrictions will blow a $12 billion hole in the nation’s September GDP figures.
Additionally, he expects up to 400,000 Australians to lose their job or have their hours reduced to zero as a result of the restrictions.

Leave a Reply

Forex trading and any instruments related to Foreign Exchange Market are Speculative and carry substantial risk of loss of either partial equity or the entire deposit amount. Leverage adds up to the risk, before considering to invest in this venture, you should first consider your financial position and may seek the help of an independent financial advisor. FXtriangle dis-recommends the usage of loan instruments to trade in this market as it can hamper financial position. Please do not invest the money that you cannot afford to lose. FXtriangle provides all its services throughout the Globe Excluding (Nigeria, British Virgin Island & the Islamic Republic of Iran) and also provides limited service in some jurisdictions where investment in Overseas markets / Fx Exchanges are prohibited by Law If you are not sure to contact us before using any of our services. FXtriangle acts as an Independent Corporate Financial Advisor and connects you to various overseas exchanges and cannot be held liable for any financial damage occurring through their side. All of our partnered institutions are regulated in various jurisdictions.FXtriangle conducts an independent background check before partnering with any institutions to fulfill your investment objectives smoothly. The usage of our Business name, Logo or any trademark in any financial forum, website, review website, complaint arena, Billboards without our written permission will attract lawsuits.