Business
Economy to rely on households and government for years: RBA – Sydney Morning Herald
The central bank has warned of a long and bumpy recovery from a recession so severe it will crimp the number of Australians moving in together and having children.
Unemployment is now predicted to reach 10 per cent by year’s end and still be at 8.5 per cent in December next year. Such a high jobless rate will weigh on wages, which are now expected to grow at 1.25 per cent for the next two years.
More than a third of firms expect to freeze the wages of their workers over the coming 12 months, a higher rate than that experienced during the global financial crisis.
RBA assistant governor Luci Ellis said the economy had done a bit better than initially expec…
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