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‘Unique Nature’ of Pandemic Economic Downturn Behind the Strength of Australia’s Recovery: RBA
The Reserve Bank of Australia hs said the recovery from the current economic downturn will be significantly different to the recovery from past economic shocks such as the Global Financial Crisis and the Great Depression.
RBA Head of Economic Analysis Brad Jones said in a keynote address at the Minerals Week Australia-Asia Investment Outlook that the current economic shock was different from other episodes, giving the current economic recovery a brighter outlook.
One difference is the origins of the COVID-19 economic contraction, which originated from a severe shock in the global supply chain, unlike the GFC, which originated from the collapse in parts of the financial system.
Jobless Rate Called an ‘Economic Miracle’ as Australian Unemployment Falls to 5.5 Percent
The Australian unemployment rate has fallen for the sixth consecutive month, down to 5.5 percent between March and April, after the JobKeeper wage subsidy ended.
The Australian Bureau of Statistics (ABS) figures show that the jobless rate is now just 0.2 percent above the unemployment figures from start of the pandemic and 2 percent lower than the peak in July where it reached 7.4 percent.
One Nation minister Mark Latham said the numbers were an “economic miracle” and attributed it to the shift in national policy on immigration.
“The immigration levels are basically zero, and it’s giving Australians a chance, the first real chance they’ve had in a long while, to access these jobs without the flooding of the labour market with arrivals from overseas,” Latham told Sky News Australia.