Business
‘Extreme uncertainty’ causes RBA’s bright-side mask to slip – Sydney Morning Herald
As uncertainty over the pandemic grows, the RBA has moved from a single set of forecasts to three scenarios: baseline, upside and downside.
The new forecasts the Reserve Bank issued on Friday were significantly different to those it issued three months ago. Worse, they laughed at Treasurys forecasts in the economic update just two weeks earlier.
The general story is that, thanks to the setback in Victoria, the upturn in the economys production (real gross domestic product) will now come later than expected, and be weaker. When Reserve governor Dr Philip Lowe says the recovery is likely to be both uneven and bumpy you can be confide…
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