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Weak Economic Data Rolls In As RBA Governor Warns On Virus “Shadow”
More evidence of the weakening outlook for the economy, despite the bullishness of stockmarket investors. The latest data from the Australian Bureau of Statistics on private investment showed a 1% drop in the March quarter and an even sharper 8.8% slump in the second estimate for the coming 2020-21. That was after ABS data for the value of construction work done fell by 1% in the March quarter, a little better than forecast, but probably as good as it will be for the next year or more with sharp falls in housing and constriction looming. As well the latest survey from the ABS on the impact of the COVID-19 pandemic ... (full story)