Australian economy proves hard to wreck, says jgfarb:
The Reserve Bank of Australia said on Aug. 6 that it expects the country’s economy to grow 4.25% in 2022 and unemployment to fall to 4% by the end of 2023 despite recent outbreaks of the Covid-19 Delta variant that have prompted lockdowns in Sydney, Melbourne and beyond.
“The experience in both Australia and overseas is that the recent lockdowns have been less damaging to the economy than the lockdown in the first half of last year,” the RBA said in a statement. “This is because business models have adapted to restrictions activity, and the restrictions themselves have generally become more targeted now that more is known about how the virus is transmitted.”
The RBA surprised markets on Aug. 3 with a decision to proceed with tapering its bond-buying programme from A$5 billion a week to A$4 billion starting in September. Australia’s Treasury on Aug. 3 issued research findings that showed tough nationwide lockdowns cost the economy an estimated A$3.2 billion a week, but that looser restrictions would cost more. At a 50% vaccination rate, the direct economic cost of minimising cases would be around $570 million a week, according to the study by the Doherty Institute.FILE PHOTO: Pedestrians walk past the main entrance to the Reserve Bank of Australia head office in central Sydney, Australia, October 3, 2016.
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