Aussie economic outlook – living with Delta

The Q2 21 National Accounts figures were largely academic given the evolving COVID-19 outbreak courtesy of the delta strain. The Australian economy grew in the second quarter, but lockdowns impacting more than 50% of the population will see growth record a large fall in the third quarter. Vaccination rates are rising, but so are case numbers which means that when restrictions are eased, Australia will be living with COVID for the first time. As Gareth Aird, Head of Australian Economics discusses with Belinda Allen, Senior Economist, this is likely to result in an adjustment period as consumers and businesses alter behaviour which should see a slower, more fractured recovery.

 

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