There are fears Australia's economy could go into reverse as the costs of the coronavirus outbreak are revealed.
The RBA is forecasting the fallout from COVID-19 will cut growth and the Reserve Bank deputy governor Guy Debelle is warning that the impact on the education sector could wipe up to half a per centage point from GDP growth.He's Director of the ANU Centre for Applied Macroeconomic Analysis at the Crawfrod School of Public Policy and he spoke to ABC’s Matt O’Neil.“One is what happens overseas and how does that impact on Australia and that’s very much a demand shock,” he said.
“The other part is what happens within Australia is cases in Australia do start to rise and confidence is affected in Australia - that’s more of a supply shock and confidence shock.” “So there are two dimensions at least to this problem just from an economics point of view and that makes it very complex for any government to deal with,” he said.
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