In today’s podcast, NAB Group Chief Economist Alan Oster discusses the following:

• The global economy is now facing its sharpest contraction of the post-war era. The possibility of a second wave of infection is a real risk.
• Our transaction data shows that credits have risen, largely reflecting government payments. Debits are much lower, reflecting cautious consumer spending.
• Australia is undergoing a staged reopening, although it is likely to be some time (and virus dependent) before things return to normal. Consumers are likely to remain cautious for an extended period.

Listen to the full podcast now.