As we assess the impact of the lockdowns on the economy, it is important not to lose sight of the fact that not all of Australia is affected. Significant parts of the Australian economy are still on the positive trajectory that was in place before the recent outbreaks.
This is quite different from the situation in the first half of last year, when the whole of Australia was in lockdown. So, it is a mixed picture. The third theme from the Statement on Monetary Policy is that the economy is expected to bounce back quickly once the restrictions ease.