May 8, 2020 / 1:55 AM / 19 days ago

Australia's sees economy contracting 6% in 2020

SYDNEY, May 8 (Reuters) - Australia’s central bank said on Friday it expects the country’s economy to contract by 6% this year and unemployment to peak at 10% as businesses shut shop and layoff staff to curb the spread of the novel coronavirus.

The Reserve Bank of Australia (RBA) cut interest rates to a record low 0.25% in an emergency meeting in March and launched an unlimited quantitative easing programme to keep borrowing costs low for banks and consumers.

On Friday, it repeated the board was committed to do what it can to support jobs, incomes and businesses as the government finalises plans to fully restart the economy by July. (Reporting by Swati Pandey and Wayne Cole; Editing by Shri Navaratnam)

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