Monthly Economic Videos
Each month we will bring you a video on an update of what is happening in the economic world.
Data released in February gave an early indication of how the Australian economy has been impacted by the bushfires and coronavirus.
The Reserve Bank of Australia lowered its near-term growth forecast for the year to June 2020 from 2.5% to 2.0%.
Australian, US and European share markets all fell by more than 8% in February. Commodity prices also fell, although gold was up more than 5% due to its safe haven status.
The RBA cut the cash rate to a new record low of 0.50%.
The decision was made to soften the impact of the coronavirus on the back of weak economic data.
Global growth forecasts were downgraded to 3.3% this year and 3.4% in 2021 on the basis of geopolitical and trade tensions.
Locally, the impact of summer bushfires and ongoing drought is being felt. The cash rate was held at the current record low of 0.75% for the time being.
We also look at the other economic indicators that paint a picture of the health of the economy, including consumer sentiment, movements in the Australian dollar, unemployment and wages as well as the state of the property market across all of the capital cities.
Economic activity remains patchy, with the RBA forecasting that Australia’s economy will stay flatter for longer.
The cash rate was held at the current record low of 0.75%.
The economy is benefiting from already low interest rates, recent tax cuts, ongoing infrastructure spending and the upswing in housing prices nationally.
The cash rate was held at the current record low of 0.75%.
Current low interest rates appear to be supporting a gentle turn around in economic growth. This is evidenced by a rise in the September quarter inflation figure and a slight easing in the unemployment rate.
Your financial well-being and plans for the future can be impacted by various economic events.
Your financial well-being and plans for the future can be impacted by various economic events.