Australian Treasury’s head says economy to contract by 7%

Forex

Dr Steven Kennedy in Secretary to the Australian Treasury, ie head of the department 

  • Says Australian economy expected to fall 7% in Q2 of 2020
  • road to recovery will be long and unpredictable –

His expectation of a 7% drop in output is pretty much the market consensus 

More:

  • household saving ratio expected to by 20% in Q2 
  • will support households over coming quarters

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