Looking backwards is what Australia does best. We are peerless at it. Today we have another glowing example as the Morrison Government prepares for the virus, at The Australian:
Treasury and the Reserve Bank are forecasting the coronavirus will cut growth by 0.5 percentage points, likely putting the economy in negative territory for the first three months of the year, despite a lift in consumer spending helping to push GDP up in the December quarter.
The Australian understands Treasury secretary Steven Kennedy will on Thursday back the assessment of Reserve Bank deputy governor Guy Debelle, who last night warned a dive in student arrivals and the impact on the education sector triggered by the coronavirus would wipe up to half a percentage point from GDP growth in the current March quarter.
