SYDNEY: Australia is heading for its first recession in nearly three decades after the economy shrunk in the January-March quarter, with a “far more severe” reading expected in the next three months as the effects of the virus shutdown bite.

The 0.3 percent contraction was the first quarterly drop since 2009 during the global financial crisis and came as the lockdown exacerbated the impact of a prolonged drought and massive bushfires.

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