GDP summary • The Australian economy fell 7.0% in seasonally adjusted chain volume measures • GDP fell 7.6% in seasonally adjusted current price measures • The terms of trade rose 0.2% • Household saving ratio increased to 19.8% from 6.0%. {table}{charts} (full story)

Australia is officially in recession for the first time in 29 years after posting a 7 per cent fall in June quarter GDP – the biggest since records started in 1959. Annual growth is now the lowest since World War II after shrinking to negative 6.3 per cent from 1.4 per cent in the March quarter, official Australian Bureau of Statistics figures released on Wednesday show. The June quarter contraction follows a 0.3 per cent fall in the March quarter, locking in two consecutive quarters of negative growth required for a technical recession. The June quarter hit was worse than market economists' expectations of a 6 per ... (full story)