What is the difference between a recession and depression?

In the Treasurer's own words, this week's June quarter economic growth figures were "devastating".

Australia’s economy shrank 7 per cent in just three months — that’s more than three times the next worst result on record (-2 per cent in 1974), and at least two years’ worth of good growth wiped out.

  • Michael Janda
  • ABC News

Most economists expect it will take until sometime in 2022 for the…

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