Josh Frydenberg economic downturn stimulus treasury
(Image: AAP/Lukas Coch)

Did you know that Australia is in recession? Apparently we're in recession. The treasurer said so. The economy contracted in the March quarter, and that means we're going to be in recession because the economy is contracting this quarter too. That's a recession.

If anyone was unaware that the economy had contracted as a consequence of shutting much of it down due to a pandemic, the media made sure they knew with a unified shriek about "recession" yesterday in the wake of the March GDP figures showing a 0.3% contraction before the really serious lockdown measures started -- although that was a solid result compared to other economies.

And if anything would have deterred Australian consumers, just starting to take advantage of the end of lockdown, from spending again, it would have been the media shouting "recession" from every rooftop.