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The 7% fall in GDP in the June quarter unveiled by the Australian Bureau of Statistics today is testament not merely to the extraordinary impact of the pandemic and associated lockdowns on the Australian economy, but on the crucial role of government in the economy.

This is a set of numbers to make John Maynard Keynes proud.

The record result means that GDP shrank by 6.3% over 2019-20. Private demand, unsurprisingly, prompted the collapse, falling 7.9% in the quarter; household spending -- mostly on services -- fell 12.1%, cutting 6.7 percentage points from GDP and driving the household saving ratio to a monster 19.8%, the highest rate since the Whitlam years, while dwelling investment fell 7.3%.