Westpac forecast 4% contraction for Australian economic growth this year

WPAC were forecasting a 5% contraction, slightly less bad now at 4% contraction.

Citing:

• earlier than expected easing of some restrictions
• we have brought forward the timing of the forecast recovery

More:

• Q2 ... forecasting a contraction of 7% (revised up from -8.5%)
• +1.5% in Q3
• +2.0% in Q4
• and for 2021 WPAC expect growth of 3%, down from 4%