For the first time in more than three decades, Australia faces the possibility of a recession

Australia in the early 1990s was a country of boarded‑up shopfronts, for sale signs that lingered for months, and queues of job seekers clutching their résumés outside Centrelink offices. Mortgage repayments surged off the back of 17 per cent interest rates, businesses collapsed, and unemployment climbed above 11 per cent as families watched their savings disappear and dreams of home ownership or secure work slip out of reach. For the first time in more than three decades, Australia faces the possibility of an economic shock that could be just as socially destructive - and in some respects even worse. Full story: https://www.dailymail.com/news/article-15832501/Australia-plunged-recession-mean-households-warn-worse-1990s-Peter-Van-Onselen.html Daily Mail Homepage: https://www.dailymail.co.uk/auhome Daily Mail Facebook: https://www.facebook.com/DailyMailAust Daily Mail IG: https://www.instagram.com/dailymailau Daily Mail TikTok: https://www.tiktok.com/@dailymailau Daily Mail Snap: https://www.snapchat.com/discover/Daily-Mail/8392137033 Daily Mail Twitter: https://twitter.com/dailymailau Daily Mail WhatsApp: https://whatsapp.com/channel/0029VaFpYbd2Jl88LRFU9L0O