The federal government did phase up, splashing file amounts of dollars to assist employment and incomes, although Wednesday’s gloomy details underlines the want for far more stimulus as the recovery is predicted to be uneven and bumpy.
“Hunting in advance, it is apparent that the path back again from the Covid-19 recession will be protracted,” said Sarah Hunter, main economist for BIS Oxford Economics.
“Expansion in the September quarter will be weighed down by the lockdown in Victoria, and over and above this ongoing overall health fears, ongoing limitations and the dialling back again of revenue assist will all weigh on the financial state,” Hunter included.