Australia’s virus-beaten economy recovers in third quarter

In the third quarter, Australia’s economy had recorded a strong rebound from its coronavirus-driven downturn. This followed after spending advanced, with consumers seen returning to their purchasing practices. In addition to this, the country’s monetary policy will stay loose for a while, a central banker said.

The economy down under grew 3.3% from July to September, accelerating sharper than expected as the country largely got the coronavirus pandemic under control. The upbeat reading came after it recorded a 7% contraction in June.

The jump was mainly from household spending’s 7.9% increase as the government rolled out large volumes of fiscal and monetary stimulus since March. In addition to this, the country’s emergence from the coronavirus drag will be consistent up until the final quarter of the year, Reserve Bank of Australia Governor Philip Lowe said.