© Reuters. SUBMIT PHOTO: Ships waiting to be filled with iron ore are seen at the Fortescue loading dock located at Port Hedland
ASSISTANCE STILL NEEDED
Australia’s economy has actually performed much better than its rich-world peers thanks to really low neighborhood transmission of COVID-19 together with massive and timely fiscal and financial stimulus.
Its economic output decreased 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 consistently stated the joblessness rate need to fall to around 4%from above 6%now to help drive earnings growth above 3%and for inflation to pop back into its 2-3%target band.
($ 1 = 1.2780 Australian dollars)
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