Reserve Bank of Australia Governor Philip Lowe believes the economy has turned a corner and a recovery is on the way.
Addressing federal politicians in Canberra, Dr Lowe said he expected solid economic growth over the September and December quarters.
Dr Lowe was speaking ahead of the release of the national accounts for the September quarter, which economists expect will show the economy expanded by 2.5 per cent from June quarter.
This would mark the end of Australia’s first recession since the early 1990s and partially recoup some of the hefty contraction reported in the June quarter as a result of COVID-19 pandemic.
“We have now turned the corner and a recovery is under way,” Dr Lowe told a House of Representatives economics committee on Wednesday.
“We are now expecting GDP growth to be solidly positive in both the September and December quarters.”