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The Reserve Bank will continue to buy bonds at a rate of $4 billion a week until February as it pumped optimism back into the markets claiming that the COVID-19 outbreaks in southern states would delay, not derail the economy.
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Australia could expect to see the loss of about 150,000 jobs before Christmas as the lockdowns and restrictions continue to impact, according to the Queensland Investment Corporation.
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ANZ has tipped even stronger economic growth, an increase in wages and full employment, but the downside will be an increase in interest rates earlier than expected.
The Reserve Bank is not yet nervous about booming real estate prices but confirmed it was watching the market closely as one of the nation’s leading real estate agents boasted of record sales transactions of $8.7 billion in Australia and New Zealand in March.
Two-thirds of small businesses plan to make changes to the structure of their business in a bid to recover from the coronavirus pandemic or take advantage of new opportunities.
Reserve Bank governor Philip Lowe expects employment growth will slow and some “job shedding” when the JobKeeper wage subsidy ends in March.
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