On This Day
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Australia officially enters recession for the first time in almost 3 decades with GDP falling 7% (April-June)

Australia has a highly developed mixed economy. As of 2025, Australia was the 15th-largest national economy by nominal GDP (gross domestic product), the 22nd-largest by PPP-adjusted GDP, and was the...

Australia has a highly developed mixed economy. As of 2025, Australia was the 15th-largest national economy by nominal GDP (gross domestic product), the 22nd-largest by PPP-adjusted GDP, and was the 21st-largest goods exporter and 24th-largest goods importer. Australia took the record for the longest run of uninterrupted GDP growth in the developed world with the March 2017 financial quarter. It was the 103rd quarter and the 26th year since the country had a technical recession. As of June 2021, the country's GDP was estimated at $1.98 trillion.

The Australian economy is dominated by its service sector, which in 2017 comprised 62.7% of the GDP and employed 78.8% of the labour force. At the height of the mining boom in 2009–10, the total value-added of the mining industry was 8.4% of GDP.

Historical Significance

Australia has a highly developed mixed economy.

Events Before

  1. Dutchman Michael van Gerwen wins his 3rd PDC World Darts Championship; beats Englishman Michael Smith 7-3 at the Alexand

    Dutchman Michael van Gerwen wins his 3rd PDC World Darts Championship; beats Englishman Michael Smith 7-3 at the Alexandra Palace in London

  2. US grounds all Boeing 737 Max aircraft after bans by other countries following the plane type's second crash in Ethiopia

    The Boeing 737 MAX is a series of narrow-body aircraft developed by Boeing Commercial Airplanes as the fourth generation of the Boeing 737.

  3. Climate change strikes held by schoolchildren take place around the world, inspired by Swedish teenager Greta Thunberg

    Greta Tintin Eleonora Ernman Thunberg is a Swedish activist best known for pressuring governments to address climate change and social issues.

  4. Syrian Democratic Forces announce that the last Islamic State territory has been retaken, raising flags in Baghuz, Syria

    Syrian Democratic Forces announce that the last Islamic State territory has been retaken, raising flags in Baghuz, Syria, and ending the five-year Islamic State "caliphate"

  5. Amazon's Jeff Bezos and MacKenzie Bezos agree record-breaking $35 billion divorce settlement

    Amazon's Jeff Bezos and MacKenzie Bezos agree record-breaking $35 billion divorce settlement

Events After

  1. Cuba's "day zero" unifies its two currencies by withdrawing the Cuban Convertible Peso (CUC), alongside steep increases

    Cuba's "day zero" unifies its two currencies by withdrawing the Cuban Convertible Peso (CUC), alongside steep increases in prices and salaries, effectively devaluing the remaining Cuban Peso for the first time since 1959 [1]

  2. First Oxford-AstraZeneca COVID-19 vaccines are given to the general public, with 82-year-old Brian Pinker in the UK the

    First Oxford-AstraZeneca COVID-19 vaccines are given to the general public, with 82-year-old Brian Pinker in the UK the first to receive the jab [1]

  3. Supporters of U.S. President Donald Trump storm the Capitol in Washington, D.C., during Congress’s certification of Joe

    Supporters of U.S. President Donald Trump storm the Capitol in Washington, D.C., during Congress’s certification of Joe Biden and Kamala Harris’s victory, resulting in five deaths and prompting the evacuation of lawmakers and Vice President Mike Pence

  4. Military coup in Myanmar; civilian leaders are detained, including Aung San Suu Kyi, and a one-year state of emergency i

    Military coup in Myanmar; civilian leaders are detained, including Aung San Suu Kyi, and a one-year state of emergency is declared (still in effect)

  5. Kim Kardashian West files for divorce from her third husband, Kanye West after almost seven years

    Khloé Alexandra Kardashian is an American media personality, socialite, and businesswoman.

More from the 2020s

Pro-Iranian protesters end siege of US Embassy in Baghdad, Iraq

Pro-Iranian protesters end siege of US Embassy in Baghdad, Iraq

Scotland's Peter Wright beats Dutch defending champion Michael Van Gerwen 7-3 with a 102.79 average, 34 x 140s, 11 maxim

Scotland's Peter Wright beats Dutch defending champion Michael Van Gerwen 7-3 with a 102.79 average, 34 x 140s, 11 maximums, and 53% on doubles to seal his first PDC World Darts Championship in London

Cuba's "day zero" unifies its two currencies by withdrawing the Cuban Convertible Peso (CUC), alongside steep increases

Cuba's "day zero" unifies its two currencies by withdrawing the Cuban Convertible Peso (CUC), alongside steep increases in prices and salaries, effectively devaluing the remaining Cuban Peso for the first time since 1959 [1]

Chicago Bulls forward DeMar DeRozan becomes the first player in NBA history to hit buzzer-beaters on consecutive days; h

Chicago Bulls forward DeMar DeRozan becomes the first player in NBA history to hit buzzer-beaters on consecutive days; he hits 3-pointers to beat the Washington Wizards 120-119 and the previous night the Indiana Pacers 108-106

Frequently Asked Questions

What happened on September 2, 2020?
Australia has a highly developed mixed economy. As of 2025, Australia was the 15th-largest national economy by nominal GDP (gross domestic product), the 22nd-largest by PPP-adjusted GDP, and was the 21st-largest goods exporter and 24th-largest goods importer. Australia took the record for the longest run of uninterrupted GDP growth in the developed world with the March 2017 financial quarter.
Why is Australia officially enters recession for the first time in almost 3 decades ... significant?
Australia has a highly developed mixed economy.

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September 2 in HistoryYear 2020