Economy

Ex-RBA Board Member Warns Covid Impact Will Linger in Economy

Read more at www.bloomberg.com

Photographer: Mark Kauzlarich/Bloomberg

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Australia will likely find Covid-19 has a lingering effect on the economy and the sheer scale of stimulus means it will probably be a couple of years before it’s clear how much has changed, former Reserve Bank board member Heather Ridout said.

“People are operating differently, companies are having to operate differently and it’s going to take a long time before supply chains get back to what they were before,” Ridout said in an interview with Bloomberg News Wednesday. “There will be a new normal and I think worrying about pandemics and all of this will become part of the new normal.”

A productivity boost will linger from people opting to keep using the technological advances forced by the pandemic, she said. These range from online meetings instead of flying interstate and tele-medicine replacing visits to the doctor, while trends like online shopping have been sharply accelerated.

Read more at www.bloomberg.com

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