Australia's economic downturn possibly shallower than previously thought: RBA

[SYDNEY] Australia's economy was experiencing its biggest economic contraction since the 1930s though the downturn could be shallower than earlier expected, minutes of the central bank's latest meeting showed on Tuesday.

The Reserve Bank of Australia (RBA) had, on June 2, left the cash rate at 0.25 per cent in a widely expected move and said the "accommodative approach will be maintained as long as it is required."

Australia, with just over 7,300 coronavirus cases, has not reported a death from the disease in more than three weeks now, enabling states and territories to start reopening their economies.

REUTERS