Members commenced their discussion of international developments with a cross-country review of economic activity and developments in labour markets during the pandemic. A recurring theme was that Australia had fared relatively well in terms of output levels and labour market outcomes. The December quarter 2020 national accounts showed that GDP in Australia had recovered to close to pre-pandemic levels, whereas GDP was still considerably below pre-pandemic levels in many other countries. The loss of output over 2020 as a whole had also been smaller in Australia than in many other countries. This reflected both the relatively smaller initial decline in output in Australia and the swift recovery since then. Turning to labour market outcomes, members noted that most countries had experienced a large contraction in both employment and labour force participation since the pandemic. Australia's experience had been unusual in that employment and participation were now higher than the levels prevailing at the end of 2019. Favourable health outcomes in Australia, the design of the JobKeeper and other temporary support programs and the swift recovery in activity had all contributed to a strong bounce-back in the domestic labour market. tweet at 9:32pm: RBA MINUTES: MUCH SOONER THAN ANTICIPATED, JOBS HAD RECOVERED TO PRE-PANDEMIC PEAKS. tweet at 9:32pm: RBA Minutes: Does Not Expect To Reach Targets For Unemployment, Inflation Until 2024 At The Earliest - Board Would Maintain Cash Rate At 10 Bps For As Long As Necessary tweet at 9:39pm: RBA MEETING MINUTES: A MOVEMENT TO NEGATIVE INTEREST RATES IS VERY UNLIKELY. tweet at 9:42pm: RBA: RATES WILL REMAIN UNCHANGED UNTIL AT LEAST 2024.