Australia's Economy contracted 0.3% in March Quarter | ASX Market Update

  • Jun 03, 2020 AEST
  • Team Kalkine

Australia's economy contracted 0.3 per cent in the March quarter, according to new economic figures that make it certain the country will officially be declared in a recession in September. Growth in gross domestic product grew just 1.4 per cent in the 12 months to March 31 as the economy took a hit from the bushfires and the beginning of the coronavirus crisis, figures from the Australian Bureau of Statistics showed on Wednesday.

Shares in energy provider Infigen have surged by more than 36 per cent after a $777 million takeover bid from investment group UAC Energy Holdings. Infigen provides electricity from its wind farms, and from other providers, to business customers. UAC, which is linked to Ayala Corporation of the Philippines, is trying to expand its energy operations in Australia.

Shipbuilder Austal will have a new chief executive after it promoted chief operating officer Patrick Gregg to take the post in January. He will replace David Singleton, who had been at the helm for five years and is due to complete his contract at the end of 2020.

#Economy #Australia #Kalkine

 


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