Treasurer Josh Frydenberg confirmed yesterday that Australia is in its first recession in 29 years after the economy dropped 0.3 per cent in the March quarter, and with the June quarter expected to shrink more than 20 per cent.

He also announced that a further update of the economic and fiscal outlook, initially scheduled in June, will be deferred to 23 July, so that it can incorporate the outcomes of the JobKeeper review.

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