Australian economy storms ahead as COVID recovery turns 'V-shaped'

© Reuters. FILE IMAGE: Ships waiting to be filled with iron ore are seen at the Fortescue filling dock located at Port Hedland

ASSISTANCE STILL NEEDED

Australia’s economy has actually performed better than its rich-world peers thanks to very low neighborhood transmission of COVID-19 together with huge and timely financial and financial stimulus.

Its financial output declined 2.5%in 2020, far smaller sized than a 10%drop in United Kingdom, falls of 9%in Italy, 5%in Canada and more than 3%in the United States.

The RBA has consistently stated the joblessness rate must fall to around 4%from above 6%now to assist drive earnings development above 3%and for inflation to pop back into its 2-3%target band.

($ 1 = 1.2780 Australian dollars)

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