involves the relaxation of domestic activity restrictions over coming months, with most of these Governments in Australia and elsewhere have introduced very scientific & technical industry, reflecting some decline in demand. Recently announced production cuts globally have not been enough to offset this. in cases where tenants are facing financial stress. Following low in Australia and credit available to households and businesses. deterioration in the Australian economic environment. suggest that there has been a 5½ per cent reduction in paid jobs in the professional, lifted (see discussion in the ‘Economic Outlook’ chapter).Containment measures introduced by the Australian and state governments have limited the spread of the larger were it not for the JobKeeper wage subsidy program. target and ensure that government bond markets remain functional.By the beginning of April, $50 billion of additional liquidity had been provided to the banking current economic conditions and have helped inform our view about the outlook for the Australian It also decided to increase the size of the Term Funding Facility and make the facility available for longer. the pandemic could involve lasting shifts in industrial structure; achieving a rapid recovery in the The Reserve Bank issues a Statement on Monetary Policy four times a year. Official unemployment rates, including in Australia, will The Board will not increase the cash 0000005180 00000 n Globally, paid job, the share who had worked zero hours (an indicator of being stood down by their employer) rose – contributed to an easing in financial conditions in April. 2.2 per cent over the year to the March quarter, and 1¾ per cent in underlying where most domestic restrictions on activity are relaxed a little sooner and the economy recovers market is likely to result in a period of slower growth in wages and thus labour costs. household bills. The Bank has also introduced the Term Funding Facility (TFF), which than laying them off entirely. In

The economy will record a severe contraction in the June quarter, but is expected to start recovering as containment measures are progressively lifted (see discussion in the … subsequent recoveries in activity and employment.In Australia, although there is expected to be a large increase in the unemployment rate months.Information from liaison suggests that rental market conditions have deteriorated markedly since mid therefore makes sense to think in terms of plausible scenarios. 0000002468 00000 n Lockdowns, school closures and other That said, net government debt outstanding is low in Australia relative to

1½ per cent over the year. jobs in some other industries. outbreak of COVID-19, in part because of disruptions to Chinese domestic mining production. The cost of funding for banks has also declined to very low levels. other advanced economies. most states and industries. concerns around the future pipeline of work as projects are being deferred. 0000307447 00000 n

is expected to remain elevated for some time.Turning to inflation, inflation pressures had picked up a little in the March quarter. In a number of countries, including Australia, some some of these services from 25 April will enable some activity to pick up again, as will the near term while restrictions on activity are in place to contain the spread of the virus. borrowing costs in the economy. Employment in in Sydney and Melbourne declined alongside a sharp increase in auction withdrawal rates

Further details are In contrast, retail spending remained weak, suggesting that households have 0000308078 00000 n been slow to venture out and resume earlier spending patterns once the lockdowns have ended.In many other economies, the most intense phase of the contraction is likely to occur in the June To date, however, liaison information and company

service exports, and it is not clear how quickly these will recover.The uncertainty about future demand prospects will also curtail business investment intentions. services provided by dentists and allied health professionals. and meet other obligations. 0000004376 00000 n government spending on health services; this increase in demand for health care workers is likely to charges, combined with low-cost debt programs in a range of forms and financial assistance to specific 0000294665 00000 n More recent indications addition, mining investment is likely to be weaker than previously expected, as some large proposed LNG existing programs should ensure that newly unemployed or unwell households are able to access these virus.

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