While the medical prognosis looks less alarming, the economic prospect is as grim as ever. The Reserve Bank has done what it can, now it's up to the government.
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There is ongoing debate about whether Australia's recession will look like a V, W, L or U. But its profile is clearly not going to fit any simple alphabet shape.
Those sectors of the economy which had to close down were very substantial and we knew the initial hit would be huge. But the Reserve Bank was quick off the mark in responding to the crisis, with its policy initiatives in mid-March.
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Original URL: https://www.afr.com/policy/economy/normality-is-at-least-a-couple-of-years-away-20200507-p54qvr
