Gittins: Five reasons Australia’s “recovery” will be terrible

Some good stuff from Ross Gittins today:

…there are at least five reasons why this recovery will face stronger headwinds than most. The first is the absence of further help from the Reserve Bank cutting rates.

Second, Australia, much more than other advanced economies, has been reliant for much of its economic growth on population growth. But, thanks to the travel bans, Morrison is expecting net overseas migration to fall by a third in the financial year just ending, and by 85 per cent in 2020-21.

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