Video PlayerClose SYDNEY, Aug. 14 (Xinhua) — The COVID-19 outbreak in the Australian State of Victoria will likely delay the country’s economic recovery by several months, Reserve Bank of Australia (RBA) Governor Philip Lowe told a parliamentary inquiry on Friday. Prior to the outbreak in Victoria, both the government and RBA were expecting a return to growth for the national economy during the September financial quarter. However, Lowe said the outbreak would likely reduce GDP growth by at least 2 percent during that period. “This will broadly offset the recovery that has been taking place in most other parts of the country,” Lowe said. “As a result, we are now not expecting a lift in economic growth until the December quarter.” According to Lowe, figures from the June quarter were likely to show the economy shrinking by 7 percent, the largest contraction in many decades. Given that inflation would be unlikely to return to the RBA’s target band of 2 to 3 percent for several years, Lowe added it was “highly likely” that the official interest rate would remain at the current 0.25 percent. Lowe also flagged high unemployment as a serious concern, with the official jobless figure topping 1… Read full this story
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