Fed: Stevens says recession, Swan says we're being dragged down
22 Apr 2009 2:30 AM
Reserve Bank of Australia governor GLENN STEVENS says Australia's now in recession .. but Treasurer WAYNE SWAN's still holding back on conceding the point.
Mr SWAN says economic data's still to come confirming that Australia has joined much of the world in recession .. but concedes it will happen.
He's told ABC Television there's no doubt that the very sharp slowdown in global growth in the March quarter has significant implications for next month's budget.
The Treasurer says the data seems pretty clear that we're going to be dragged to recession by these international forces.
Mr SWAN's holding onto the conventional definition of a recession being two consecutive quarters of negative growth.
Australia posted a quarter of negative growth in the final three months of last year .. and a second will be revealed in the March quarter national accounts on June 3 .. if Mr STEVENS is correct.
