RBA confirms severe economic downturn: Aus shares close 0.8% higher
18 Aug 2020 - The Australian share market rose at the open and closed 0.8 per cent higher. The Reserve Bank of Australia confirmed the economic downturn in Australia was the most severe in many decades, and staff estimates suggested a decline in GDP of around 7 per cent and a contraction in hours worked of around 10 per cent. That’s according to minutes released from the recent meeting.