Lowe tells Australians to prepare for biggest contraction since 1930s
Uncertainty and movement restrictions have hampered spending and increased unemployment
The governor of the Reserve Bank of Australia said the country can expect the biggest contraction in output and income since the 1930s this year, as a result of the Covid-19 pandemic.
National output is likely to decline 10% in the first half of the year, Philip Lowe said today (April 21), as a result of the restrictions put in place by the government.
“This means that, for as long as these restrictions are in place, we don’t have the jobs and incomes that come from these activities,” Lowe
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