Lockdowns May Delay Australia Growth by 6 Months, CBA Chief Says
- Saw a slight easing in housing market in past couple of weeks
- Risks ahead include critical vaccine rollout, global tensions
A near-empty highway in Sydney on Aug. 2.
Photographer: Brent Lewin/BloombergThis article is for subscribers only.
Rolling lockdowns across Australia’s heavily-populated east coast could push back economic growth by about half a year, before it accelerates again through 2022, according to the head of the nation’s biggest lender.
“We’ve seen a number of factors supporting growth,” Commonwealth Bank of Australia Chief Executive Officer Matt Comyn said during an investor call Wednesday. These include “the significant accumulated household savings, a swift employment recovery due to low supply of labor, expansionary fiscal and monetary support and the strong housing market.”