Australia's top retail bank boss warns of sharp economic slowdown

The A$2 trillion ($1.2 trillion) economy has dodged a recession since the early 1990s but surging unemployment and higher loan losses are likely to cripple growth in what could be the country's steepest economic downturn.

SYDNEY: Australia faces a 10% economic contraction in the March quarter as shockwaves from the coronavirus pandemic rip through the economy, the head of the Commonwealth Bank of Australia, the country's largest lender, warned on Monday.

Citing data from the bank's live payments system, CBA chief executive Matt Comyn said consumption has fallen heavily in recent weeks as widespread restrictions on the movement of people have hit demand.