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Published on April 21st, 2009 | by john.weir

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Australia “now in recession”

The Reserve Bank of Australia says that the country is now in recession. The Governor, Glen Stephens noted in a speech that “It is very rare for Australia to escape an international downturn and there is no precedent for avoiding one of this size. Whether or not the next GDP statistic, due in early June, shows another decline, I think the reasonable person … would come to the conclusion that the Australian economy, too, is in recession.”

However the good news is that the Reserve Bank has not suffered the same prompts to bailout the banking system as has happened in Britain and the US as most Australian banks are seen as far more secure than their European counterparts.

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