17 Nov Economic Update – November 2020
The Federal Budget on October 6 was the start of a pivotal month on the economic scene.
Budget estimates released later in the month revealed a deficit of $132.5 billion in the year to September. While the deficit is expected to peak next year, there are also some positive signs emerging.
The ASX200 finished slightly up for the month, with most of October’s early gains eroded in the lead up to the US Presidential election and the RBA announcement.
The Reserve Bank has cut the cash rate to 0.1%, from its current record low of 0.25% and intends to purchase $100 billion of government bonds, to help stimulate the economy.
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