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Great Recession in Oceania

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between 2006 and 2012. Housing starts in New Zealand fell 20 percent in June 2008, the lowest levels since 1986. Excluding apartments, approvals dropped 13 percent from May. Approvals in the year ended June fell 12 percent from a year earlier. Second-quarter approvals dropped 19 percent. The figures
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The New Zealand Treasury defines "recession" as "consecutive falls in real GDP." The department said that New Zealand's real GDP fell 3.3% between the December 2007 quarter and the March 2008 quarter, and that this start, before any other OECD nation, was the result of domestic factors. It said that
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Some analysts had predicted the continuing decline of trade in 2009 could put the economy into recession for the first time in 17 years. However, these initial fears were proved largely unfounded as the Australian economy avoided recession and the unemployment rate peaked at a much lower rate than
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concluded that the country's economy had contracted for a second quarter based on economic indicators, putting New Zealand in a recession. New Zealand's central bank cut rates by half a percent arguing the economy was in recession. New Zealand's GDP declined by 0.2 percent in the second quarter
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as Australia was New Zealand's biggest export market. 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.
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ranked Australia's banking system the fourth best in the world, while the Australian dollar's 30% drop was seen as a boon for trade, shielding the country from the crisis and helping to slow growth and consumption. Australia's recession affected
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had been predicted. 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.
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New Zealand's recession was among the first to finish and was one of the shallowest. New Zealand Institute of Economic Research's quarterly survey showed New Zealand's economy contracted 0.3 percent in the first quarter of 2008.
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had predicted Australia was well positioned to weather the crisis with minimal disruption, sustaining more than 2% GDP growth in 2009 (as many Western nations went into recession). In the same year, the
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growth during the global recession. It was not affected by the crisis from 2008 to 2009 due to a number of factors such as government stimulus spending; its proximity to the booming
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The economy emerged from recession in mid-2009, with the second-quarter GDP report showing the economy grew by 0.1 per cent on the March quarter.
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and the related mining boom kept growth ticking over throughout the worst of the global conditions. In fact, sources such as the
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suggested a decrease in construction and economic growth. House sales fell 42 percent in June from a year earlier.
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Braude, Jacob; Eckstein, Zvi; Fischer, Stanley; Flug, Karnit (2013).
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List of banks acquired or bankrupted during the Great Recession
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Government intervention during the subprime mortgage crisis
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Dodd–Frank Wall Street Reform and Consumer Protection Act
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The Concise Encyclopedia of The Great Recession 2007-2012
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Dodd–Frank Wall Street Reform and Consumer Protection Act
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putting the country in its first recession in a decade.
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Overview of the impact of the Great Recession in Oceania
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National fiscal policy response to the Great Recession
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Organisation for Economic Co-operation and Development
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National fiscal policy response to the Great Recession
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Government policies and the subprime mortgage crisis
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Sydney: Random House Australia. p. 3. 408: 66:2000s United States housing market correction 8: 1150:Emergency Economic Stabilization Act of 2008 220:Emergency Economic Stabilization Act of 2008 707:"Australia faces worse crisis than America" 250:Regulatory responses to the subprime crisis 2664: 2637: 2598: 2550: 2509: 2463: 2441: 2427: 2419: 1492: 1478: 1470: 1284: 1241:Fraud Enforcement and Recovery Act of 2009 1180: 1165:Term Asset-Backed Securities Loan Facility 1110: 879: 865: 857: 415: 401: 260:Term Asset-Backed Securities Loan Facility 26: 1421:Effects of the Great Recession on museums 1251:Housing and Economic Recovery Act of 2008 1135:China–Japan–South Korea trilateral summit 709:. London: Daily Telegraph. Archived from 553:. Cambridge, MA: MIT Press. p. 245. 255:Subprime mortgage crisis solutions debate 240:Housing and Economic Recovery Act of 2008 163:China–Japan–South Korea trilateral summit 1115:Government policy and spending responses 1081:Government National Mortgage Association 655:. Lanham, MD: Scarecrow Press. pp.  183:Government response and policy proposals 1175:2008 United Kingdom bank rescue package 831:. Vol. 34, no. 18. p. 14 705:Evans-Pritchard, Ambrose (2008-07-29). 595:"The fall of the little Aussie battler" 541: 34: 1160:Temporary Liquidity Guarantee Program 1130:Banking (Special Provisions) Act 2008 1051:Federal Deposit Insurance Corporation 780:. London: Daily Telegraph. 2008-09-11 438:of the late 2000s and early 2010s in 205:Banking (Special Provisions) Act 2008 7: 2611:Countries by Human Development Index 1046:Consumer Financial Protection Bureau 76:2008–2010 automotive industry crisis 2740:Oceania National Olympic Committees 1336:Collateralized mortgage obligations 18:Late 2000s recession in Australasia 1796:British credit crisis of 1772–1773 574:Stutchbury, Michael (2008-10-11). 517:There was a substantial number of 108:Causes of the European debt crisis 61:2000s United States housing bubble 25: 1509:Commonwealth of Nations countries 1431:2007–2008 world food price crisis 1231:Chinese economic stimulus program 1216:2008 European Union stimulus plan 1140:Commercial Paper Funding Facility 210:Chinese economic stimulus program 190:2008 European Union stimulus plan 1459:List of countries by public debt 1086:National Asset Management Agency 757:"New Zealand 'enters recession'" 3039:Economic history of New Zealand 1505:recessions in the United States 1414:2008 Central Asia energy crisis 1331:Collateralized debt obligations 1221:2008–2009 Keynesian resurgence 1066:Federal Housing Finance Agency 1061:Federal Housing Administration 823:Louisson, Simon (2009-09-24). 685:NZ Treasury – treasury.govt.nz 614:The Rise and Fall of Australia 464:Australia is one of the three 195:2008–2009 Keynesian resurgence 1: 3034:Economic history of Australia 1236:Economic Stimulus Act of 2008 1170:Troubled Asset Relief Program 1096:Office of Financial Stability 1071:Federal Housing Finance Board 1005:SociĂ©tĂ© GĂ©nĂ©rale trading loss 593:Yeates, Clancy (2008-10-11). 265:Troubled Asset Relief Program 215:Economic Stimulus Act of 2008 2807:Countries by life expectancy 1155:Irish emergency budget, 2009 829:The Wall Street Journal Asia 322:Royal Bank of Scotland Group 287:American International Group 2984:Economic history of Oceania 2251:1997 Asian financial crisis 1884:Civil War-era United States 432:Great Recession in Oceania 3070: 2621:Stock exchanges federation 2027:Post–World War I recession 1847:Post-Napoleonic Depression 1454:2007–2008 financial crisis 1346:Mortgage-backed securities 957:Automotive industry crisis 852:ILO Job Crisis Observatory 506: 457: 71:2007–2008 financial crisis 2917: 2750:Australian rules football 2667: 2640: 2601: 2553: 2517:Countries and territories 2512: 1937:2nd Industrial Revolution 1870:(1836–1838 and 1839–1843) 1786:1st Industrial Revolution 1554:Price-and-wage stickiness 1515: 1444: 1351:Secondary mortgage market 1272:rescues, and acquisitions 1270:Government interventions, 1261:Zero interest-rate policy 1109: 972:Housing market correction 649:Rosenberg, Jerry (2012). 599:The Sydney Morning Herald 519:finance company collapses 482:Reserve Bank of Australia 3054:2009 in economic history 3049:2008 in economic history 3044:2007 in economic history 2218:1990s United States boom 2006:Financial crisis of 1914 1369:(United States; c. 2009) 1101:UK Financial Investments 986:Banking losses and fraud 977:Subprime mortgage crisis 962:California budget crisis 51:Subprime mortgage crisis 2797:Countries by population 2033:Depression of 1920–1921 1965:Depression of 1882–1885 1879:Early Victorian Britain 1614:Real and nominal values 1387:(worldwide; 2011–2012) 1326:Auction rate securities 1056:Federal Home Loan Banks 30:Part of a series on the 2138:Recession of 1969–1970 2133:Recession of 1960–1961 2092:Recession of 1937–1938 1076:Federal Reserve System 950:United States-specific 759:. BBC News. 2008-08-05 509:Economy of New Zealand 151:G-20 Washington summit 2256:Early 2000s recession 2223:Early 1990s recession 2175:Early 1980s recession 1755:Commercial revolution 1653:Nominal interest rate 1426:Decline of newspapers 1373:2009 May Day protests 1319:and financial markets 1209:Stimulus and recovery 612:Bryant, Nick (2015). 492:New Zealand's economy 2722:World Heritage Sites 1822:Copper Panic of 1789 1449:European debt crisis 1341:Credit default swaps 1317:Securities involved 1123:stability and reform 527:New Zealand Treasury 487:World Economic Forum 460:Economy of Australia 86:European debt crisis 3029:2009 in New Zealand 3019:2008 in New Zealand 3009:2007 in New Zealand 2558:Heads of government 2158:1973–1975 recession 2102:Post–WWII expansion 1776:Great Frost of 1709 1604:Neutrality of money 1585:Classical dichotomy 1501:Economic expansions 1409:2000s energy crisis 1121:Banking and finance 1039:Government entities 56:2000s energy crisis 2969:Economy of Oceania 2340:COVID-19 recession 2000:Panic of 1910–1911 1832:Panic of 1796–1797 1658:Real interest rate 1626:Economic expansion 1391:Occupy Wall Street 1367:Tea Party protests 1025:Scott W. Rothstein 169:G-20 London Summit 3024:2009 in Australia 3014:2008 in Australia 3004:2007 in Australia 2951: 2950: 2815: 2814: 2802:Countries by area 2783: 2782: 2629: 2628: 2588: 2587: 2540: 2539: 2499: 2498: 2416: 2415: 2127:Recession of 1958 2121:Recession of 1953 2115:Recession of 1949 1812:Thirteen Colonies 1619:Velocity of money 1549:Paradox of thrift 1467: 1466: 1436:Retail apocalypse 1381:(MENA; 2010–2012) 1312: 1311: 1308: 1307: 1204: 1203: 1184:Bank stress tests 425: 424: 279:Business failures 16:(Redirected from 3061: 2979:2010s in Oceania 2974:2000s in Oceania 2926: 2665: 2638: 2616:Renewable energy 2606:Countries by GDP 2599: 2551: 2510: 2486:Military history 2464: 2443: 2436: 2429: 2420: 2208:Great Regression 2203:Great Moderation 2049:Great Depression 2038:Roaring Twenties 1559:Underconsumption 1529:Effective demand 1520:Aggregate demand 1494: 1487: 1480: 1471: 1360:Social responses 1285: 1181: 1111: 881: 874: 867: 858: 840: 839: 837: 836: 820: 814: 813: 811: 810: 795: 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1744: 1741: 1740: 1739: 1736: 1732: 1729: 1727: 1724: 1723: 1722: 1719: 1715: 1712: 1710: 1707: 1705: 1702: 1700: 1697: 1695: 1692: 1690: 1687: 1685: 1682: 1680: 1679:Balance sheet 1677: 1676: 1675: 1672: 1668: 1664: 1661: 1659: 1656: 1654: 1651: 1650: 1649: 1648:Interest rate 1646: 1642: 1639: 1637: 1634: 1632: 1629: 1628: 1627: 1624: 1620: 1617: 1615: 1612: 1610: 1607: 1605: 1602: 1600: 1596: 1593: 1591: 1588: 1586: 1583: 1581: 1578: 1577: 1576: 1572: 1569: 1567: 1564: 1560: 1557: 1555: 1552: 1550: 1547: 1545: 1542: 1540: 1537: 1535: 1532: 1530: 1527: 1526: 1525: 1521: 1518: 1517: 1514: 1510: 1506: 1502: 1495: 1490: 1488: 1483: 1481: 1476: 1475: 1472: 1460: 1457: 1455: 1452: 1450: 1447: 1446: 1443: 1437: 1434: 1432: 1429: 1427: 1424: 1422: 1419: 1415: 1412: 1411: 1410: 1407: 1406: 1404: 1400: 1392: 1389: 1388: 1386: 1383: 1380: 1377: 1374: 1371: 1368: 1365: 1364: 1362: 1358: 1352: 1349: 1347: 1344: 1342: 1339: 1337: 1334: 1332: 1329: 1327: 1324: 1323: 1321: 1315: 1301: 1298: 1296: 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816: 804: 800: 794: 791: 779: 773: 770: 758: 752: 749: 737: 733: 727: 724: 713:on 2008-07-31 712: 708: 701: 698: 686: 682: 676: 673: 668: 666:9780810883406 662: 658: 654: 653: 645: 642: 638: 633: 630: 625: 623:9780857989024 619: 615: 608: 605: 600: 596: 589: 586: 581: 577: 570: 567: 562: 560:9780262018340 556: 552: 545: 542: 536: 534: 531: 528: 523: 520: 515: 510: 502: 500: 496: 493: 488: 483: 479: 475: 471: 467: 461: 453: 451: 449: 445: 444:North America 441: 437: 433: 418: 413: 411: 406: 404: 399: 398: 396: 395: 392: 389: 388: 380: 377: 375: 372: 370: 367: 363: 362:United States 360: 358: 357:South America 355: 354: 353: 350: 348: 345: 344: 337: 336: 328: 325: 323: 320: 318: 315: 313: 310: 308: 305: 303: 300: 298: 295: 293: 290: 288: 285: 284: 280: 275: 274: 266: 263: 261: 258: 256: 253: 251: 248: 246: 243: 241: 238: 236: 233: 231: 228: 226: 223: 221: 218: 216: 213: 211: 208: 206: 203: 201: 198: 196: 193: 191: 188: 187: 180: 179: 170: 167: 164: 161: 158: 155: 152: 149: 146: 143: 142: 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Index

Late 2000s recession in Australasia
Great Recession
Subprime mortgage crisis
2000s energy crisis
2000s United States housing bubble
2000s United States housing market correction
2007–2008 financial crisis
2008–2010 automotive industry crisis
Dodd–Frank Wall Street Reform and Consumer Protection Act
European debt crisis
Causes
Causes of the European debt crisis
Causes of the 2000s United States housing bubble
Credit rating agencies and the subprime crisis
Government policies and the subprime mortgage crisis
Summit meetings
34th G8 summit
G-20 Washington summit
APEC Peru
China–Japan–South Korea trilateral summit
G-20 London Summit
2008 European Union stimulus plan
2008–2009 Keynesian resurgence
American Recovery and Reinvestment Act of 2009
Banking (Special Provisions) Act 2008
Chinese economic stimulus program
Economic Stimulus Act of 2008
Emergency Economic Stabilization Act of 2008
Federal Reserve responses to the subprime crisis
Government intervention during the subprime mortgage crisis

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