Australian state Victoria reports 372 new cases of COVID-19
|Australia's Victoria State reports 372 new coronavirus cases, 14 deaths in last 24 hours.
That is 94 new cases since yesterday.
Given the recent developments in Victoria, the Reserve Bank of Australia has lowered its forecast for growth in 2021 from 6% to 5%, now sensibly recognising that activity in the economy by end 2021 will be lower than at the beginning of 2020, as analysts at Westpac have explained.
Prior to the adverse developments in Victoria we had been expecting the economy to contract by 4.2% in 2020.
We now expect a contraction of 4.7% in 2020 including a contraction of 9% in Victoria in the September quarter.
Markets now await Philip Lowe, the Governor of the RBA, who is appearing before the House of Representatives' Standing Committee on Economics at 9:30am today.
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