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

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."