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Australia Economy to Grow

07 July 2020 by News Desk

The Australia economy is forecast to grow by 5.3 per cent in 2021-22 and then 4 per cent the following year.

After big falls in 2020 private consumption, housing construction and private investment are also expected to lift.

Government spending will hold up the economy in the meantime, with it to grow 6.5 per cent this year after a surge of 6 per cent in 2019-20.

That’s according to a new report from Deloitte Access Economics that says the Australian economy is on track to bounce out of the coronavirus recession.

Government spending will hold up the economy and help it to grow 6.5 per cent this year after a surge of 6 per cent in 2019-20.

Official interest rates are expected to remain at a record low of 0.25 per cent for some years into the future in a bid to support the economy.

Deloitte partner Chris Richardson said the economy would benefit from the way the coronavirus had been controlled. “The recession may well have already past its worst,” he said.

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