For instance, the Council of Financial Regulators has identified growing economic risks relating to the high level of indebtedness among Australian households. For a recent discussion of these risks, see Bullock (2018). Taking account of such relationships is beyond the scope of my simple exercise. et al  funding  Statement on Monetary Policy  © Reserve Bank of Australia, 2001–2018. All rights reserved.
The actual scale of the slowdown in the US remains rather uncertain. There has been a significant monetary and fiscal policy response, but it is still unclear how deep or how long the slowdown may be. It is apparent, however, that growth will slow substantially. The second area of uncertainty is the impact on other economies.