[2][3] It is said that the term Great Recession as a description of the post-2008 slump is not recognized by Australians particularly those under 30 due to its mild, intangible impact on the country's economy.
[4] Some analysts had predicted the continuing decline of trade in 2009 could put the economy into recession for the first time in 17 years.
To help address the anticipated slowdown, the Australian government also announced a stimulus package worth $27 billion to spur economic growth while the Reserve Bank of Australia introduced a series of interest rate cuts.
[10] New Zealand's central bank cut rates by half a percent arguing the economy was in recession.
[11] New Zealand's GDP declined by 0.2 percent in the second quarter putting the country in its first recession in a decade.