Australia's economy is in recession, first decline in 9 years: Treasurer

Data from the Australian Bureau of Statistics (ABS) showed that Australia's $1.39 trillion economy contracted 0.3% in the quarter ended March, the first decline in nine years. That took the annual growth to 1.4%, the slowest since the 2009 global financial crisis, as the economy was hit by the worst bushfire season in living memory. Treasurer Josh Frydenberg said the country was already in recession.