Combating the spread of COVID-19 has required severe restrictions on economic activity in many countries. The result has been a large and nearsimultaneous contraction across the global economy. Heightened uncertainty about the future has exacerbated the contraction, both directly through weaker investment and consumer spending and via tighter financial conditions. In Australia, output is expected to contract significantly over the first half of 2020, mostly in the June quarter. While the exact size of the contraction is still uncertain, a decline in GDP of around 10 per cent from peak to trough is expected. The ... (full story)