Business
Reserve Bank relying on big spending Aussies to turbocharge post-COVID economic recovery – ABC News
Australia’s economy is roughly back where it was prior to COVID-19 much faster than the Reserve Bank expected, but where it goes from here is largely based on how…
Australia looks set to experience an economic ‘lost year’ due to the pandemic, according to the Reserve Bank.
Key points:
- The Reserve Bank is expecting unemployment to fall to 4.5 per cent by mid-2023
- But the jobless rate could drop to 3.75 per cent if households spend a bigger part of their income
- The RBA expects borders to be closed until early 2022, which may boost wages growth due to some worker shortages
“GDP is now expected to have reached its pre-pandemic level in the March quarter 2021 and…
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