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Australia breaks 29-year growth streak and falls into recession

Coronavirus restrictions spark record 7% contraction in second quarter

Australia's nearly three-decade run without a recession comes to an end.   © Reuters

SYDNEY -- Long known as "the lucky country," Australia finally saw its fortunes take a turn for the worse as its economy staged its biggest slump on record in the second quarter through June, sending the country into its first recession in 29 years.

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