Economic growth is now forecast to contract 4% in 2020, before rebounding 6% in the year to June 2021.
Joe Biden’s US election victory released a pressure valve on global markets with US shares reaching new historic highs and Australian shares rising more than 9% over the month.
The Reserve Bank has kept the cash rate at its current record low of 0.1%. The cash rate is not anticipated to be increased for at least three years.
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