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Australia: Economic update
After Covid-19 knocked down the Australian economy for the second straight year during winter, it is again scrambling to get back on its feet. Most recent GDP figures do not include the economic slowdown yet, but due to the fierce lockdowns through July, August and September, we have pencilled in an economic contraction in quarter-on-quarter terms in Q3. This is followed by a modest rebound in Q4 as we expect some of the effects of the lockdown to carry over into Q4 (see Table 1). Overall, we still expect strong YOY growth of the Australian economy of 4%, mainly on the back of strong recovery of private consumption ... (full story)