Your financial well-being and plans for the future can be impacted by various economic events, so below is a video to assist you to stay up to date with the latest indicators.
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.