SYDNEY--Australia's economy plunged into its first recession in 29 years in the second quarter as the Covid-19 pandemic shut down firms and forced thousands into … Treasurer Keating, the Reserve Bank and Treasury itself generally agreed on the need for high interest rates in 1989 and the pace of their reduction.The popularity of Hawke's prime ministership, along with the health of the Hawke-Keating political partnership deteriorated along with the Australian economy and Keating began to position himself for a challenge.According to former Reserve Bank Governor Ian Macfarlane: • COVID-19: As at 12 noon, 3 September  |  New positive cases = 14 | Total positive cases = 9,374 | Recovered & discharged cases = 4 | Total recovered cases = 9,083 | Death case(s) = 0 | Total death cases = 128 | Active cases with infectivity potential = 163  (Source: MoH) A raft of bleak data from India to Europe in recent days has laid bare the toll from lockdowns as nations try to keep a lid on an illness that has killed more than 850,000 people and infected over 25 million (at press time). On 3 June, Keating challenged Hawke for the leadership of Labor, but lost the vote and became a destabilising presence on the back bench. "So we entered this very difficult crisis from a position of weakness rather than strength. "We now expect the peak-to-trough fall in GDP to be significantly less than 10 per cent. Former Reserve Bank Governor Ian Macfarlane has said that policymakers did not "set out to have a recession in order to reduce inflation. The only major economy to have avoided a recession is China — where the coronavirus first emerged last year — thanks to strict lockdowns that have seen Covid-19 all but disappear in the country. "With the health outcomes tracking better than expected [which has allowed an earlier-than-anticipated end to lockdown conditions] and the government packages providing a significant support to household income, the decline in GDP in the first half of 2020 will be relatively small when compared to other economies," she wrote. With an ever rising deficit however, Keating was unable to deliver the tax cuts promised prior to the election and sought to reduce expenditure.In May 1994, the government launched a five-year economic plan entitled Following the early 1990s recession, Australia experienced a record period of economic growth. "It was in this quarter — the March quarter — that consumer and business confidence fell to its lowest level on record. In most cases, it was the fall in asset prices that meant that loans could not be repaid, thus transferring the distress to financial institutions.The Government postponed major policy adjustments, planning a mini-Budget for May. New Delhi reported on Monday that growth in Asia’s third-largest economy suffered a historic 23.9% decline between April and June as the manufacturing sector was battered by restrictions on businesses. With commodity prices now over their peak, economic conditions were entering a decline, with high interest rates, a growing current account deficit, declining demand, increasing foreign debt and a wave of corporate collapses. Here's what that means for youThe Australians who are sick of hearing 'you should have come home earlier'Three months on, does Australia need a new coronavirus contact tracing app?UK Government under pressure to dump 'misogynist' Abbott from trade roleAustralian prisoner says Chinese authorities 'can abuse' him, demands day in courtThe case for COVID-19 'zero': Former health chief says 'smarter, longer' restrictions needed Murderer won't be released without Australia's consent, Afghanistan saysCoronavirus update: New Zealand's Helen Clark to co-chair COVID-19 enquiryQueensland vet believed to be among two Australians missing after ship capsizedMt Isa community in shock 'outgoing and gifted' vet was on board missing ship'I've made that plain to the PM': WA snubs push to set border end date'They were terrible times': How Australians remember the 1990s recessionHotel guests about to check out had coronavirus, Victoria's hotel quarantine inquiry hearsAnalysis: 'Nothing else comes close': Six graphs that explain Australia's recessionRecords tumble as Panthers close in on NRL minor premiershipCassandra received a $26,000 Centrelink debt notice in October.

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