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

© Reuters. SUBMIT PHOTO: Ships waiting to be packed with iron ore are seen at the Fortescue packing dock situated at Port Hedland

ASSISTANCE STILL NEEDED

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

Its economic output declined 2.5%in 2020, far smaller 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 repeatedly said the joblessness rate should fall to around 4%from above 6%now to help drive salaries growth above 3%and for inflation to pop back into its 2-3%target band.

($ 1 = 1.2780 Australian dollars)

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