Australia's economy powers out of Covid-19 recession

Australia has exited its first recession in almost three decades, with the economy growing by a better than expected 3.3 per cent in the September quarter, reflecting authorities’ adept handling of the Covid-19 pandemic. A boom in household spending drove the recovery as the easing of social distancing restrictions prompted a 7.9 per cent jump in spending on goods and services in the third quarter. However, the damage wrought by stringent lockdowns was expressed in the annual growth figure, which showed economic activity fell 3.8 per cent in the year to end September.