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A Record-Breaking Economic Boom Is About to Go Bust

SYDNEY—The developed world’s longest ongoing economic expansion is approaching its expiration date.

Australia’s 28-year growth streak survived a regional economic crisis in the 1990s, a global economic crisis in the 2000s, and a boom-bust cycle in its core commodity sector in the 2010s. Now, a recession looms after the economy contracted in the first three months of the year, as catastrophic bush fires and restrictions to slow the spread of the new coronavirus took a heavy toll.

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