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

RBA: "The Australian economy is going through a very difficult period and is

experiencing the biggest contraction since the 1930s. Since March, an

unprecedented 800,000 people have lost their jobs, with many others retaining

their job only because of government and other support programs. Conditions

have, however, stabilised recently and the downturn has been less severe than

earlier expected. While total hours worked in Australia continued to decline in

May, the decline was considerably smaller than in April and less than previously

thought likely. There has also been a pick-up in retail spending in response to

the decline in infections and the easing of restrictions in most of the country.

Notwithstanding the signs of a gradual improvement, the nature and speed of the

economic recovery remains highly uncertain. Uncertainty about the health

situation and the future strength of the economy is making many households and

businesses cautious, and this is affecting consumption and investment plans. The

pandemic is also prompting many firms to reconsider their business models. As

some businesses rehire workers as demand returns, others are restructuring their

operations."