Treasurer Josh Frydenberg says the economy contracted by 1.9 per cent in the September quarter, but growth for the year is still high.
“It is the largest, third largest quarterly contraction on record following the 6.8 per cent fall in the June quarter last year and a 2 per cent fall in the June quarter in 1974,” he said.
Mr Frydenberg said the fall was “very much a lockdown story” as Sydney was in lockdown the entire quarter, and Melbourne was locked down for “about two-thirds” of the time.
Mr Frydenberg also said New South Wales’ economy fell by 6.5 per cent, ACT by 1.6 per cent and Victoria’s by 1.4 per cent.
He said the economies of the other states and territories was “up 1.6 per cent collectively for the quarter”.
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