While Reserve Bank staff always present a calm message to the public, previously secret internal emails reveal just how concerned many of them have been about the economic fallout from coronavirus.RBA economists were initially worried that 2.6 million people might lose their jobs, before JobKeeper was announced
Staff at Australia's central bank feared the initial Government stimulus packages were inadequate, calculated more than half of all casual workers would be ineligible for unemployment benefits, forecast 20 per cent unemployment and worried whole industry sectors might collapse as coronavirus ravaged the economy earlier this year.
CZ: Yeah, credit has been hit hard the last two trading sessions. No one wants to touch anything. LIBOR going wider and swaps the same. Very messy.