Australia is officially in recession after suffering a 7 per cent fall in GDP in the June quarter, the largest quarterly plunge since records began in 1959.

By way of comparison, the previous biggest quarterly fall occurred in 1974, when the economy contracted just 2 per cent.

Australia’s annual growth rate has fallen to negative 6.3 per cent, the lowest level since World War II.

Leading economist Professor Warren Hogan says there is little hope of the economy rapidly snapping back and warns Australians to prepare for a long, drawn-out recovery.

“We’re not going to get back to where we for at least two, even three years, and that’s even with some pretty good economic policy from the government,” Professor Hogan tells Brooke Corte.

“It’s down the elevator and up the stairs,”

Click play to hear the full interview: