Economy back in recession: CBA
Australia is back in recession as Covid-related lockdowns push activity into a big third-quarter contraction, according to the Commonwealth Bank.
Australia is back in recession as Covid-related lockdowns push activity into a big third-quarter contraction, according to the Commonwealth Bank.
The debate around the RBA’s board table over the scheduled reduction in weekly government bond purchases is set to be vigorous as surging Covid-19 cases shutter key capitals.
In minutes of its August policy meeting, the RBA moved to signal its growing concern that the Delta strain represents a new challenge.
RBA board member Ian Harper says a deep contraction in Australia’s economy in the third quarter looks unavoidable.
A fierce storm has been whipped up by the sudden shutdown of Sydney due to a significant outbreak of Covid-19 cases.
Purchases of bonds under the RBA’s quantitative easing program were meant to be dialled down in September.
Risk is rising that the central bank will have to suspend plans to taper its bond-buying in September.
Australia’s stellar economic recovery is under growing threat as Sydney faces the harsh reality of a worsening Covid-19 outbreak.
Amid the noise from the Reserve Bank on the outlook for monetary policy, there was also a quiet bit of succession planning going on.
Closing the country’s doors to contain the spread of the pandemic has proven to be largely effective and politically popular.
Original URL: https://www.theaustralian.com.au/author/james-glynn/page/12