The Australian government warned that the economy likely shrunk at its fastest pace in recorded history in the June quarter, while the budget deficit will be the biggest since World War II as payments were extended to businesses and job seekers. The prime minister said the harsher lockdowns in Victoria would reduce GDP by between $7 billion and $9 billion in the September quarter, while the total hit to GDP is forecast to be around $12 billion. At its August meeting the RBA left interest rates on hold and maintained its target for the 3-year yield curve at 0.25%.
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