Australia’s economy contracted by the most on record last quarter, highlighting the need for unprecedented stimulus measures, as it suffers the economic fallout from the COVID-19 pandemic.

“This crisis is like no other. Today’s national accounts confirm the devastating impact on the Australian economy from COVID-19. Our record run of 28 consecutive years of economic growth has now officially come to an end,” Treasurer Josh Frydenberg told reporters.

Key Points:

• GDP plunged 7% in the June quarter, more than 3 times the previous biggest fall of 2% in 1974

• Household expenditure fell 12.1%

• Household saving rate jumped from 6% to 19.8%

More than a million people have lost their jobs since March when Australia shut down its economy to curb the spread of COVID-19, hitting private sector demand and investments badly, Reuters reported.

The Australian dollar also fell after the report.