IMF: Australian economy to bounce back to pre-pandemic size within weeks

The International Monetary Fund (IMF) has upgraded Australia's economic forecast and is expecting the nation to bounce back to its pre-pandemic size within weeks. According to the IMF the economy will expand by 4.5 per cent this year after contracting by 2.4 percent in 2020. The rebound is being aided by record low interest rates which the RBA has held at 0.1 per cent. The news will be a welcome boost for the Federal government who cut the $90 billion JobKeeper payment at the end of last month.