Great Recession in Oceania
The Great Recession in Oceania was the great recession of the late 2000s and early 2010s in Oceania. The Oceanic countries suffered minimal impact during this time, in comparison with the impact that North America and Europe felt.
Australia
New Zealand
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 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.There was a substantial number of finance company collapses 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 suggested a decrease in construction and economic growth. House sales fell 42 percent in June from a year earlier.
The New Zealand Treasury 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 putting the country in its first recession in a decade.
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.