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Australia central bank says Delta outbreak interrupts economic recovery By Reuters

by Mike Robinson

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© Reuters. FILEPHOTO: A group of pedestrians walks past the entrance of the Reserve Bank of Australia’s (RBA), head office in central Sydney on October 3, 2016. Picture taken October 3, 2016. REUTERS/David Gray/File Photo

SYDNEY, (Reuters) – Australia’s central banks said that the spread of COVID-19 Delta has disrupted the country’s recovery. However, they expect the setbacks to be temporary and the economy will rebound as long as the vaccination rates remain high.

Australia’s economy will see growth again in December, according to minutes of Tuesday’s Reserve Bank of Australia policy meeting. However, it is likely that the recovery will be slow than in late 2020 and 2021.

The members noted that a less accommodating monetary policy could lead to lower credit growth and housing prices, but would also result in fewer jobs.

Given the slow pace of inflation and wages, the Board reiterated their view that no increase in 0.1% cash rate will be made until 2024.

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