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ANZ economics believes that Australia’s labour market may not recover to its pre-pandemic levels until 2023 “despite our assumption of an additional $180 billion of government spending over a four-year horizon”:
ANZ added that “one of the takeaways from the last two recessions and the GFC – that it takes many years for the labour market to recover – will apply this time too”.
The news is a little better on the GDP front with ANZ projecting that growth will recover to pre-pandemic levels by H2 2022:
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.