RBA: Recession is over. MB: It will linger for years

Reserve Bank of Australia (RBA) deputy governor, Guy Debelle, told a Senate Estimates hearing yesterday that he believes Australia’s recession officially ended in the September quarter with the negative print in Victoria more than offset by growth elsewhere:

“Our best guess is it looks like the September quarter for the country recorded positive growth rather than slightly negative”.

“As best as we can tell, the growth elsewhere in the country was more than the drag from Victoria, and possibly the drag from Victoria was a little less than what we guessed back in August.”

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