Economic Recession in Australia Possible, but Unlikely: RBA

A person looks out over the Harbour Bridge from Observatory Hill in Sydney, Australia on July 20, 2021. Brook Mitchell/Getty Images

Reserve Bank of Australia said the country might experience a recession over the next half-year if COVID-19 outbreaks worsen but think it’s “unlikely.”

RBA Governor Philip Lowe told the House of Representatives economics committee on Friday that the extent of economic contraction in the next few months depended on the length of lockdowns and the probability of future outbreaks.