The Australian Treasurer, Josh Frydenberg has confirmed that Australia has entered a recession for the first time in 29 years.
According to The Australian Financial Review, the country's economy has shrunk by 0.3 percent over the first three months of 2020 – something not seen since 2011 after cyclone activity forced many Queensland and Western Australian businesses to shut-down. Additionally, the Australian Bureau of Statistics figures show that annual GDP growth slowed from 2.2 percent to 1.4 percent.
In the weeks and months to come, government measures to be taken, in order to support small, medium and large business owners, will be revealed. During this difficult time, members are reminded that the Chamber remains committed to providing support and advice across many key business areas including Industrial Relations.
Additionally, VACC is offering a free counselling service through Melbourne Psychology. The initiative is available for members and their employees to uptake if they are struggling with their mental health.