RBA : Australia Economic Downturn To Be Less Severe Than Initially Feared
Thursday, 28 May 2020 10:06 WIB | FISCAL & MONETARY |RBA

Australia™s central bank chief said on Thursday that better-than-feared health outcomes from the COVID-19 pandemic suggest the country™s economic downturn will likely not be as severe as earlier thought.

The remarks come as Australia, with a much lower COVID-19 death toll than other advanced countries, has started resuming normal life barely halfway into the six-month shutdown first flagged by the government.

Reserve Bank of Australia (RBA) Governor Philip Lowe added that a mid-March stimulus package, including an unlimited quantitative easing programme, to cushion the blow to the economy was working œas expected.

œIt is helping build the necessary bridge to the recovery, Lowe said.

Lowe was speaking before a parliamentary committee which is looking at the Australian government™s response to the coronavirus pandemic.

Australia has recorded just above 7,100 coronavirus cases so far and 103 deaths, with new infections under control across all eight states and territories.

Source : Reuters

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