June 16, 2020 / 1:52 AM / 2 months ago

Australia's economic downturn possibly shallower than previously thought - RBA

SYDNEY, June 16 (Reuters) - Australia’s economy was experiencing its biggest economic contraction since the 1930s though the downturn could be shallower than earlier expected, minutes of the central bank’s latest meeting showed on Tuesday.

The Reserve Bank of Australia (RBA) had, on June 2, left the cash rate at 0.25% in a widely expected move and said the “accommodative approach will be maintained as long as it is required.”

Australia, with just over 7,300 coronavirus cases, has not reported a death from the disease in more than three weeks now, enabling states and territories to start reopening their economies. (Reporting by Swati Pandey and Wayne Cole; Editing by Shri Navaratnam)

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