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Melbourne Lockdowns To Hamper Recovery: RBA's Ellis

AUSTRALIA
(MNI) LONDON

The Reserve Bank of Australia is expecting a sharp fall in GDP growth and a further increase in unemployment even under a baseline scenario where new pandemic lockdowns are successful and domestic restrictions ease over the rest of 2020, a senior policymaker said Friday.

Speaking as the RBA published its quarterly Statement on Monetary Policy, Assistant Governor Luci Ellis told a webinar that under new forecasts the imposition of stage four lockdowns in Melbourne would reduce 2020 growth to around 6% lower than forecasts made in December 2019 for 2.7% growth.

MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com

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