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Economic Update – July 2020

After 28 years Australia’s record economic expansion ended due to the COVID shutdowns, below is a video to assist you to stay up to date with the latest indicators.

Our economy contracted by 0.3% in the March quarter, with an estimated 8% contraction in the June quarter, confirmation that we are officially in recession.

Yet Australia is weathering the COVID storm better than most nations, with signs of building business and consumer confidence.

In the year to June, Australian shares trimmed their losses to 10.8% after a partial rebound in the last quarter. US shares rose 4.6% over the same period.

The current cash target rate of 0.25% has been left unchanged and is expected to remain at its current level for the foreseeable future.

After 28 years Australia’s record economic expansion ended due to the COVID shutdowns, below is a video to assist you to stay up to date with the latest indicators.

Posted by SHB Wealth Advisers on Tuesday, 7 July 2020

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