Data released in February gave an early indication of how the Australian economy has been impacted by the bushfires and coronavirus.
The Reserve Bank of Australia lowered its near-term growth forecast for the year to June 2020 from 2.5% to 2.0%.
Australian, US and European share markets all fell by more than 8% in February. Commodity prices also fell, although gold was up more than 5% due to its safe haven status.
The RBA cut the cash rate to a new record low of 0.50%.
The decision was made to soften the impact of the coronavirus on the back of weak economic data.
If you have any questions or want to have chat about how the latest economic developments are impacting your financial situation feel free to give us a call.
This Newsletter provides general information only. The content does not take into account your personal objectives, financial situation or needs. You should consider taking financial advice tailored to your personal circumstances. We have representatives that are authorised to provide personal financial advice. Please see our website www.evogroup.net.au or call 02 9098 5055 for more information on our available services.
