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"The Australian economy is going through a......>

- Bonds & Currency News | Market News" >
RBA: "The Australian economy is going through a very difficult period and is
experiencing the biggest economic contraction since the 1930s. In April, total
hours worked declined by an unprecedented 9 per cent and more than 600,000
people lost their jobs, with many more people working zero hours. Household
spending weakened very considerably and investment plans are being deferred or
cancelled. Notwithstanding these developments, it is possible that the depth of
the downturn will be less than earlier expected. The rate of new infections has
declined significantly and some restrictions have been eased earlier than was
previously thought likely. And there are signs that hours worked stabilised in
early May, after the earlier very sharp decline. There has also been a pick-up
in some forms of consumer spending. However, the outlook, including the nature
and speed of the expected recovery, remains highly uncertain and the pandemic is
likely to have long-lasting effects on the economy. In the period immediately
ahead, much will depend on the confidence that people and businesses have about
the health situation and their own finances."
- Bonds & Currency News | Market News" >
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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