A recession is a sustained period of reduced economic output and higher unemployment. If our GDP goes down for two consecutive quarters, we're technically in a recession.

How long will a recession last in Australia?

We can't predict how long a recession will last. Some recessions have been just a few months long, while others have been years.

Is there a way to prepare for a recession?

Yes, you can prepare for a recession by cutting down your spending and building up your emergency savings cash.

What is the best thing to have during a recession?

One of the best things to have during a recession is cash. You will need to have enough cash saved up to cover your living expenses if you suddenly lose your job. Also, during a recession many high-risk assets like shares go down in value as investors buy more cash to secure their money.