SYDNEY: Australia is facing an “unprecedented” economic contraction due to the coronavirus pandemic, though massive fiscal and monetary stimulus would help cushion the blow, minutes from the country’s central bank’s last meeting showed.
The Reserve Bank of Australia (RBA) had on May 5 left the cash rate at 0.25%, as expected, and recommitted to buying as much government debt as needed to keep three-year bond yields near 0.25%.
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