For the Reserve Bank’s part, we have kept borrowing costs low and the financial system very liquid and supported the supply of credit to the economy. This broad economic policy response and Australia’s progress on the health front have meant that the Australian economy is in a better shape than many others.
While Australians have experienced a severe recession, it has not been as bad as was earlier expected or experienced in many other countries. In light of this experience, we have recently updated our economic outlook, with the full details to be published on Friday.