The Australian economy is facing a shock the scale of which we have not seen for many decades.
Just this week, the national accounts revealed the economy contracted by 0.3 per cent in the March quarter, confirming the nation suffered its first negative quarter in nine years and slowing annual growth to 1.4 per cent from 2.2 per cent.
Economists expect a more severe contraction to follow in the current June quarter due to restrictions to contain the COVID-19 pandemic, putting enormous pressure on many of our business customers.
Given the magnitude of the challenges and issues the nation faces, I was delighted to on Wednesday, June 3, host an economic briefing for our customers and bankers with Westpac’s chief economist, Bill Evans, one of the most experienced economists and forecasters in the market.
Bill provides an insightful update on the economy, touches on the GDP outcome, details his forecasts and answers several questions from listeners.
This material contains general commentary, and market colour. This material does not constitute investment advice. This information has been prepared without taking account of your objectives, financial situation or needs. We recommend that you seek your own independent legal or financial advice before proceeding with any investment decision. Whilst every effort has been taken to ensure that the assumptions on which the forecasts are based are reasonable, the forecasts may be affected by incorrect assumptions or by known or unknown risks and uncertainties. The ultimate outcomes may differ substantially from these forecasts. Except where contrary to law, Westpac and its related entities intend by this notice to exclude liability for this information.