Australia's Officially In Recession, What Does That Mean For Your Wallet?

For the first time in 29 years.

Australia has had one hell of a year. The country has already suffered through devastating bushfires, flooding, and a pandemic – and it’s only June. Given that, it will come as no surprise Treasurer Josh Frydenberg just announced Australia has officially entered a recession.

When asked whether the country had fallen into recession today, Frydenberg said, “The answer to that is yes. And that is on the basis of the advice that I have from the Treasury Department about where the June quarter is expected to be.”

But what does that mean? And more specifically, what does it mean for your wallet?

This week, the Australian Bureau of Statistics released figures that show the economy shrank 0.3% in the March quarter amid the bushfire crisis and early impacts of the pandemic.

A recession is commonly defined by two consecutive quarters of decline, and according to Frydenberg, the June quarter is set to be “far more severe than we have seen today” – reflecting the full impact of COVID-19 shutdowns. 

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Back in March, Dr. Andrew Grant, a senior lecturer at the University of Sydney Business School told, a recession would make it harder to change jobs, and that there would be lower growth in wages. 

When it comes to small business owners, Dr. Grant said “even if there are extensions to loans or deferred payments,” keeping the lights on for less customers may not be viable. 

He said having an ‘emergency fund’ of savings could become crucial in a recession, as well as cutting back on unnecessary spending – rather investing in personal development and new skills if the job market worsens.

The good news is, Frydenberg says our economic state could be a lot worse.

“Treasury were contemplating a fall in GDP (Gross Domestic Product) of more than 20% in the June quarter. This was the economists’ version of Armageddon,” he told reporters. 

He said Australia’s performance compares “very well” to that of China, France, Germany, the UK and US.

There’s also light at the end of the tunnel. The continued easing of coronavirus restrictions means we’ll start returning to our usual spending habits, and businesses can slowly wean off JobKeeper. 

Once we make it through the government’s three-step framework for lifting restrictions, the treasury project $1.4B will be delivered to the economy. However, that may not be until the end of July. Until then, start saving your pennies – future you will be thankful.

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Watch Trump Force Melania To Smile For Yet Another Infuriating Church Photo Op

“They turned holy ground into a battleground."

While anger, pain, suffering and sadness continues to emanate from protests in the US and other parts of the world following the death of George Floyd, Donald Trump is posing for photoshoots at churches, and now he’s asked his wife Melania to join in. Hear all the details below:

Footage has emerged from Trump’s recent visit to the Saint John Paul II National Shrine in which he and wife Melania pose for photographers. During the video, Trump appears to look over at his wife and seemingly ask her to smile. She does so – albeit reluctantly – before the couple walk away.

It’s painful to watch, and only made worse by Trump’s photo op outside St John’s Episcopal Church yesterday. In order for him to visit the church, crowds of protesters were dispersed with tear-gas, rubber bullets and military personnel. 

According to The Independent, dozens of bishops and volunteers – who were giving out snacks and refreshments to protesters – were told to leave the church so Trump could have his photo taken while holding a Bible.

“The president just used a Bible and one of the churches of my diocese as a backdrop for a message antithetical to the teachings of Jesus and everything that our church stands for,” The Right Reverend Mariann Budde said in a statement. “To do so, he sanctioned the use of tear gas by police officers in riot gear to clear the churchyard.”

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Trump’s visits to these religious sites have outraged the public and religious leaders alike. In a statement via The Independent, Archbishop Wilton Gregory said “I find it baffling and reprehensible that any Catholic facility would allow itself to be so egregiously misused and manipulated in a fashion that violates our religious principles, which calls us to defend the rights of all people even those with whom we might disagree.”

The President’s tone-deaf photoshoots were complemented by daughter Ivanka Trump’s response to the protests. After she recently tweeted the scripture verse, “This is what the Lord said: I have heard your prayer and seen your tears. I will heal you,” social media users were quick to clap back.

One user responded to Ivanka’s tweet, “Hey, remember how your dad incited mass murder of civilians for exercising their right to protest yesterday?” while others quoted Proverbs, “a ruler who lacks understanding is a cruel oppressor, but he who hates unjust gain will prolong his days.”

Speaking to Religious News Service about Trump’s photo op, Reverend Gini Gerbasi said, “They turned holy ground into a battleground.”

Considering this, is it really that surprising Melania doesn’t feel like grinning for the cameras?

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Surprised Pete Evans Also Supports Trump? You Haven’t Been Paying Attention

Now he's managed to anger even his own fans.

Since COVID-19 came in to ruin the party, controversial celebrity chef Pete Evans has earned quite a reputation for flogging harmful coronavirus ‘cures’, conspiracy theories, anti-vaccine opinions and more.

It didn’t take long for everyone’s BS detectors to go off and as a result, Evans was fined and even lost his TV gig on My Kitchen Rules. However, that hasn’t stopped him from plugging utter nonsense via his chaotic Instagram page.

And yes, that includes supporting Donald Trump.

Responding to the Black Lives Matter protests following the death of George Floyd, Evans posted a speech from the US President. 

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In the clip, Trump talks about taking “immediate presidential action” to stop the “rioting, looting and arson” occurring at the protests. He also says he’s liaising with governors to “dominate the streets” and “establish an overwhelming law enforcement presence,” using the military if necessary. He enforces a 7pm curfew and warns protesters will be “arrested, detained and prosecuted to the full extent of the law” if they break the rules. 

Instead of offering words of support, or an explanation of any kind, Evans simply captioned the Instagram video with the red love heart emoji.

It didn’t take long for his followers to call him out – with many shocked that he supported the US president. 

“I’ve looked up to you with your consistent messaging of peace and love,” one fan commented on the post. “So, the face that you’re endorsing this man and/or his fight fire with fire proposal is truly appalling.” 

Another, who had agreed with Evans’ controversial stance on diets and vaccines, also expressed their disbelief. “I followed Pete because I agree with him on the nutrition/vaccine etc,” they commented. “[But] I don’t know how Trump is in the good guys gang?”

Evans copped so much backlash on the post, he doubled down on his stance with another one soon after. “Thank you to everyone for sharing your comments,” he captioned an image of a red heart. “I will be sharing with you a lot more recipes, information, and news stories that may challenge your long held beliefs or perhaps reinforce them, wherever you are in your journey.”

The chef went on to say his intention is not to “create division,” but to “create a platform for critical thought where many ideas can be presented.” He encouraged fans to unfollow him if they wish, and ended the lengthy caption by telling the 233,000 followers that still remain, “We may need to look and feel into the wound for the healing to manifest.”

Wow. It’s difficult to understand what Pete Evans is actually trying to achieve with his social media presence, but one thing is for sure, despite the backlash and controversy, it looks like he won’t be slowing down anytime soon.

Always be in the loop with our snackable podcast breaking the biggest story of the day. Subscribe to It’s Been A Big Day For… on your favourite podcast app.

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