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Sunrise David Koch embarrassing blunder over recession: Jason Clare

Embarrassing moment when financial ‘guru’ David Koch accuses Labor star Jason Clare of a blunder in the economy – when HE really called it quits

  • David Koch falsely claimed that Australia did not go into recession during Covid
  • Labor front bencher Jason Clare tried to correct Sunrise’s financial ‘guru’
  • But the TV host doubled down on his false statement during the interview

Channel Seven’s financial guru, David Koch, has made an embarrassing live TV gaffe about the economy during a confrontation with Labor campaign spokesman Jason Clare.

Kochie, who is trained as an accountant, defended Prime Minister Scott Morrison’s record during the Covid crisis after criticism from Mr Clare on Thursday morning.

“However, they kept us out of recession during the biggest economic threat since the Great Depression with the pandemic,” Koch said. “They didn’t do badly.”

The visibly confused opposition front bencher – who outranked Mr Albanese at times during the campaign – replied: ‘I think we have entered Kochie into a recession. The last time I remember we entered a recession.’

Koch then doubled down and insisted the economy slipped into recession.

Australian Prime Minister Scott Morrison (right) and Australian opposition leader Anthony Albanese shake hands during the third leaders’ debate

WHEN DID AUSTRALI ON A RECESSON?

Australia entered a technical recession in June 2020 after three decades of uninterrupted growth.

The March quarter saw a 0.3 percent drop in GDP at the start of the pandemic, followed by a massive 7.0 percent drop in the three months to June.

It was the first time the Australian economy had contracted since 1991.

Since then, the economy has recovered and is no longer in recession.

Koch told viewers, “To be clear, we haven’t had two consecutive quarters of negative economic growth, so we haven’t really entered an official recession.”

But Australia slipped into a technical recession in June 2020 after three decades of uninterrupted growth.

The March quarter saw a 0.3 percent drop in GDP at the start of the pandemic, followed by a massive 7.0 percent drop in the three months to June.

It was the first time the Australian economy contracted since 1991. Since then, the economy has recovered and is no longer in recession.

Anthony Albanese’s economic credentials debate has been at the center of the debate ahead of the May 21 federal election.

The Labor leader has not held a significant financial portfolio in government since he entered politics in 1996 and has made a series of gaffes on the subject during the campaign.

On the first day, he failed to quote the national unemployment rate of 4.0 percent, assuming it was “about 5.0 percent,” and he also had no idea what the official money was when it hit the record low of 0. 1 percent stood.

But Mr Clare, who was praised for his smooth personality during the campaign process, argued on the morning TV show that Scott Morrison and the government cannot be trusted to run the economy.

Pictured: Mr Clare with partner Louise (left) and son Jack.  The handsome MP for Blaxland has been in parliament since 2007

Pictured: Mr Clare with partner Louise (left) and son Jack. The handsome MP for Blaxland has been in parliament since 2007

“The idea that this government has good economic managers is a bad joke,” he said.

They spent $660 million on imaginary parking lots and train stations that don’t exist, $5.5 billion on submarines that don’t exist, and $50 billion on copper for the National Broadband Network.

“They’ve bought enough copper to wrap around the world one and a half times and now they have to rip the copper out and put fiber in it.

“So I wouldn’t trust this mob with a tin piggy bank.”

Channel Seven funding guru David Koch (right, with Natalie Barr) made an embarrassing live TV blunder about the economy during a showdown with Labor campaign spokesman Jason Clare

Channel Seven funding guru David Koch (right, with Natalie Barr) made an embarrassing live TV blunder about the economy during a showdown with Labor campaign spokesman Jason Clare

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