Australia is technically no longer in recession, having posted a September quarter of positive growth.
While the headlines are good, the recovery is not so official: Unemployment remains at seven percent and many households are tightening daily budgets.
During his speech, Treasurer Josh Frydenberg said Australia had handled the pandemic, both economically and healthily, better than almost any country in the world.
“The Australian economy is making a comeback. Facing a once-in-a-century pandemic that has caused the greatest economic shock since the Great Depression,” Frydenberg said.
“Australia has performed better on the economic and health fronts than almost any other country in the world.”
Here’s what we know about the performance of other countries:
HEALTH: To date, Australia has recorded 27,912 positive COVID cases, one of the lowest totals in the world.
Of these, 908 people have died. More than 25,000 people have recovered.
ECONOMY: Australia is no longer in recession, after posting a 3.3 percent rise in the third quarter.
In the second quarter, Australia posted a seven percent drop, marking the second consecutive quarter that GDP fell and signaling the start of a technical recession.
HEALTH: The United States has recorded more than 13.7 million positive cases of COVID-19, the most of any country in the world according to John Hopkins University.
It also leads the death count, having registered 270,532 deaths from the virus.
ECONOMY: The United States entered a recession after recording a moderate drop in GDP during the first quarter, and then recorded a 31.4 percent decline in GDP in the second.
Like Australia, the US is no longer in a recession after posting a notable 33.1 percent change in GDP for the third quarter of 2020.
HEALTH: Using the same data from John Hopkins, the UK has recorded the seventh highest number of positive COVID-19 cases.
There have been more than 1.6 million cases and 59,148 deaths.
ECONOMY: According to official UK statistics, GDP fell 19.8% in the second quarter of 2020.
That decline was one of the largest of any major economy. In the third quarter it also increased sharply, gaining 15.5 percent.
HEALTH: Again using data from John Hopkins, China recorded 92,993 COVID-19 cases.
Of these, only 4,743 people were reported to have died from the virus.
ECONOMY: According to China’s National Bureau of Statistics, China’s economy contracted 6.8 percent in the first quarter of 2020, before recovering to record a record growth of 3.2 percent in the second.
In the third quarter, China consolidated earnings, posting 4.9 percent growth in the third.
HEALTH: New Zealand, to date, has recorded a staggeringly low number of just 2,060 total COVID-19 cases.
Of those, only 25 people died as a result of the virus. Aside from some Polynesian and African nations, it is one of the lowest totals in the world.
ECONOMY: According to Stats NZ, in the first quarter of 2020 New Zealand recorded a GDP drop of -1.4%.
That accelerated in the second, and the country posted a 12.2 percent drop in GDP. Third quarter results have yet to be announced.
HEALTH: Apart from the US, India has recorded the second highest number of total cases with more than 9.4 million. Of these, 137,621 people have died.
ECONOMY: Official data shows that India’s GDP contracted 7.5 percent in the September quarter, after contracting a whopping 24 percent in the first quarter.
India is now in a technical recession.
HEALTH: Italy, highly affected by the tourist transmission of the disease, has registered more than 1.6 million total cases of COVID-19. Of these, more than 56,000 people have died.
ECONOMY: Italy’s GDP followed a similar pattern of “two quarters down, one up”.
In the first quarter of 2020, its GDP fell 5.5 percent, followed by a more than 13 percent drop in the second. In the third quarter of September, they recovered 15.9 percent, officially pushing them out of the recession.