Australian recession: Dubbo businessman Wes Maas 'positive' about economic outlook

He's anticipating a strong "bounce back" from Australia's plunge into recession this year for the first time in three decades, on the back of lockdowns, job losses and business closures amid the coronavirus pandemic.

As the national accounts were released in September showing the economy contracted by a record 7.0 per cent, federal Treasurer Josh Frydenberg warned the road out of recession for Australia will be "hard and bumpy".

The national unemployment rate is 9.4 per cent, ABS data released in November showed, however in the Orana region the unemployment rate is 2.7 per cent.

Mr Maas, who debuted on the Financial Review Young Rich List this year, is optimistic about the prospects for recovery.

"We're very positive about the economy and although COVID has had a devastating impact to some industries, we believe that the Australian economy as a general rule will bounce back very strongly," he said.

"And I think we can all see on the horizon, once the vaccine [comes] that we'll have a fair bit of euphoria."

"I think the government has done a great job in stimulating and supporting the economy through the tough times.

"I think regional Australia is one of the biggest beneficiaries of that stimulus, and also the decentralisation."

He also had praise for "our council and our state member" who had "put the town in really good stead to continue to grow".

Regional Australia Institute chief economist Dr Kim Houghton in September said regions will certainly play a key role in navigating this recession out.