Victoria has slumped into recession, along with South Australia, Tasmania and the ACT, as Australia's two-speed economy has sent much of the country into reverse.
The Bureau of Statistics reports that state final demand - the total spending of consumers, business and governments - fell 0.7 per cent in Victoria in the December quarter, in trend terms, on top of a fall of 0.4 per cent in September.
Investment in the state has now fallen for three quarters in a row, falling 5 per cent in that time. Asset sales cloud over how much of that is in the public and private sectors respectively, but the Bureau reported last week that as a share of output, capital expenditure by Victorian business has now fallen to the levels of the 1990-92 recession.
http://www.theage.com.au/business/v...ecession-with-sa-tasmania-20130306-2fkeq.html
Who will fall next?
Edit: I really should have called this thread 'Vic, SA, ACT & Tas all in recession' but I just named it after the linked article. Could mods please change it to 'Half of country in recession' or some such? It seems too Vic-centric as is.
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