Australia's economy suffered its sharpest economic contraction since the Great Depression due to the pandemic, with data released Wednesday confirming the country is in its first recession in 28 years. The economy shrank 7% in June, the biggest contraction since records began in 1959, the government reported.

Prime Minister Scott Morrison told Parliament: "This is a devastating day for Australia." The country is now in recession for the first time in 28 years following a 0.3% drop in the first quarter of the year, since it has logged two straight quarters of contraction.