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Published online by Cambridge University Press: 04 May 2024
An extraordinary development occurred in the Australian economy in the last quarter of 2008: for the first time since the first half of 1991, gross domestic product (GDP) declined. But even more extraordinarily – and despite the then Prime Minister Kevin Rudd’s assertion that ‘the worst global economic recession in 75 years means it is inevitable that Australia too will be dragged into recession’ – data for the first quarter of 2009 showed that the economy had resumed growth. Among the countries of the Organisation for Economic Co-operation and Development, Australia alone avoided recession as conventionally defined (two consecutive quarters of negative growth in GDP).
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