‘Enormous pressure on Albanese government’ as Australia is in ‘per capita recession’

Former Labor senator Stephen Conroy says there is “enormous pressure” on the Albanese government as Australia is in a “per capita recession”. The global share market collapse over recession fears could shift the Reserve Bank’s rate cut trajectory. The ASX fell by 5.8 per cent in the past two trading sessions – the biggest fall since the early stages of the pandemic in March 2020. “Unfortunately, now, we could see some negative GDP across two quarters – the definition of a recession,” Mr Conroy told Sky News Australia. “We all know we’ve been in a per capita recession. “All of that will put enormous pressure on the Albanese government.”