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(Australian Associated Press)
AUSTRALIA’S SOBERING ECONOMIC FIGURES
TREASURY FORECASTS
* 10 per cent drop in GDP in June quarter
* Worth $50 billion, equivalent to total quarterly production of SA, Tasmania, NT and ACT
* Would be biggest fall on record
* Household consumption 16 per cent lower
* Business investment 18 per cent lower
* Dwelling investment 18 per cent lower
* Household savings to increase
* Treasury will deliver an updated fiscal outlook in June after March quarter national accounts
DATA ON HAND
* Job ads halved in April
* Activity in construction, manufacturing and services had largest ever monthly falls
* New motor vehicle sales dropped 48 per cent
* House sales fell 40 per cent
* Domestic and international air travel down more than 97 per cent
* Number of jobs fell 7.5 per cent
* Wages bill paid by businesses fell 8.2 per cent
* Accommodation and food services lost 33.4 per cent of jobs
* Arts and recreation sector lost 27 per cent of jobs
(Source: Speech by Treasurer Josh Frydenberg)