Australia's central bank stepped into the semi-government bond market for t...
SYDNEY - Australia’s central bank stepped into the semi-government bond market for the first time since launching its quantitative easing program to combat the coronavirus pandemic as state revenues deteriorate sharply.
The semi-government market has been under severe liquidity stress in recent weeks with businesses across Australia forced halt operations as new lockdown measures kick in to curb the spread of the coronavirus. “On our analysis, the cyclical budget deterioration in the COVID-19 recession will potentially be in the order of 5% of GDP, with risks to the upside,” Westpac chief economist Bill Evans said.
This compares with the government’s previous expectation in December of a surplus of A$5 billion for 2019/20 and A$6 billion for 2020/21.
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