Australia's economic future was 'unusually uncertain' while growth was expected to remain in the slow lane without a medical breakthrough to prevent and treat COVID-19, the head of the country's central bank said on Thursday.
SYDNEY - Australia’s economic future was “unusually uncertain” while growth was expected to remain in the slow lane without a medical breakthrough to prevent and treat COVID-19, the head of the country’s central bank said on Thursday.
The remarks come as Australia re-opens its economy sooner than expected. The country has reported just over 7,000 COVID-19 infections with 100 deaths, well below the disturbing outcomes in several other advanced nations. “Restoring confidence on the health front is a precondition for a strong recovery,” Lowe said, responding to a question during an online panel discussion.“We might get a vaccine, we might get some anti-viral medication, but it’s also possible that we don’t. So we have an incredible lot riding on the work of the scientists.”
Australia’s cash rate is already at a record low of 0.25% after an emergency cut in March. The government is also splashing out cash, including a A$130 billion wage subsidy scheme.
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