Australia Q3 GDP expected 0.6% versus 1.0% prior – Goldman Sachs

Analysts at Goldman Sachs take note of the coronavirus (COVID-19) outbreak in Australia's largest city, also the economic powerhouse, Sydney to cut the economic forecasts for the Pacific nation.

In its latest report, the US bank trimmed the Q3 2021 GDP forecast to 0.6% from 1.0% prior.

It’s worth noting that Australia registered the biggest daily jump in covid cases since September the previous day, per ABC News data. As a result, policymakers are up for extending the current lockdowns for a few more weeks to get back to normal. In doing so, Aussie PM Scott Morrison is up for more fiscal stimulus to ease the lockdown-led economic strains.

Read: AUD/USD struggles to regain 0.7500, coronavirus, China trade data eyed