29 November 1990, Paul Keating declares:
“This is the recession we had to have”
On 29 November 1990, after a 2nd quarter of negative GDP growth – Labor Treasurer Paul Keating infamously told Australians, ‘This is the recession that Australia [we] had to have’.
The economy contracted by almost 2% that quarter, unemployment had risen to around 8%, eventually exceeding 11% in 1992.
The RBA’s cash rate had peaked at 17.5% high and was still at a crippling ‘lucky 13%’ at the time of Keating’s confirmed economic doom.
Source: Australian Conservatives
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