Business
RBA leaves interest rates on hold at record low 0.25pc – Sydney Morning Herald
RBA governor Philip Lowe said while the current downturn was not as severe as the bank originally feared, it was still going to be “uneven and bumpy”, with the coronavirus outbreak in Victoria having a major impact.
“In this scenario, the unemployment rate rises to around 10 per cent later in 2020 due to further job losses in Victoria and more people elsewhere in Australia looking for jobs,” he said. “Over the following couple of years, the unemployment rate is expected to decline gradually to around 7 per cent.”
Dr Lowe said the economy would enjoy a stronger recovery if progress was made controlling the coronavirus “in the near future”. But failure to do so would see the recovery in the general economy a…
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