FXStreet reports that in the view of Gareth Aird, Commonwealth Bank’s (CBA) Head of Australian Economics, the Australian economy is expected to rebound from its worst recession in a hundred years much faster than previously thought.

“When GDP and employment collapsed in Australia over Q2 20 comparisons were made with the Great Depression.”

“Provided transmission of COVID-19 in Australia remains low, particularly community transmission, the strength of the economic recovery in 2021 will surprise many.”

“We believe the metaphorical ‘bridge’ has been built very well and sets Australia up for a prosperous next two years.”

“The upshot is that we will see a savings drawdown in 2021. This will provide a significant tailwind to consumption as pent up demand is unleashed.”