Australia is likely to see an extended period of higher unemployment due to the pandemic, Reserve Bank of Australia Governor Philip Lowe said Monday.

Addressing higher unemployment is an important national priority, he observed.

Easing of Covid-19 restrictions and good news on a vaccine could help the economy to rebound, he said. There is considerable uncertainty about the outlook.

Lowe said over the past decade or so, there have been signs that the economy was becoming less dynamic.

If businesses are to seize the opportunities that are out there to grow and to increase Australia’s productive capital base, some degree of risk-taking is necessary, Lowe said.

Further, he observed that there has been a sharp decline in population growth due to the pandemic. “If population growth is to be noticeably slower in a post-COVID world, the trajectory for our economy will look different too.”

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