Bulletin June 2021

From rba.gov.au

While the COVID-19 pandemic primarily had profound public health implications, it also caused a major economic contraction (Graph 1). Substantial fiscal and monetary policy support measures were introduced from early 2020 onwards, initially to limit the negative economic effects on households and businesses and then more recently to support economic recovery. For its part, the Australian Government responded quickly with the largest fiscal support during peacetime, which was worth 7 per cent of GDP in 2020/21 (Graph 2). Among other things, the fiscal measures included significant fiscal stimulus payments to ... (full story)