SYDNEY, Aug 30 — Australia’s economy was likely already slowing before wide-scale coronavirus restrictions shuttered swathes of business and jobs, setting the stage for a vicious contraction this quarter.
“For most of the June quarter the Australian economy was travelling well, but then the Delta variant arrived,” said CBA’s head of Australian economics Gareth Aird. Fittingly for these strange times, annual growth is actually tipped to be the fastest in modern history at 9.2 per cent, but only because the first round of pandemic lockdowns last year caused a huge 7.0 per cent contraction, which is dropping out of the calculation.
Looking ahead, the key question is when the lockdowns will end and how quickly activity recovers afterwards. Victoria state has signalled restrictions will be extended past this week while New South Wales plans to stay shut through all of September and, likely, into October.
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