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ANALYSIS - ANOTHER AUSTRALIAN RATE CUT IS POSSIBLE.
CANBERRA, May 1 Asia Pulse - Just because the Reserve Bank of Australia (RBA) has declared the economy is in recession, don't expect the central bank to start taking a sledgehammer to interest rates.
The heavy work has already been done.
Or has it?
Just as "the green shoots of recovery" becomes the latest buzz phrase, there could yet be another twist in the global recession - the swine flu virus.
As global health organisations rush to contain the virus, the risk of it escalating into a pandemic has economic forecasters reaching once again for their calculators and spread sheets.
Commonwealth Bank of Australia's chief economist Michael Blythe says a pandemic is a downside risk which hasn't been factored into the interest rate equation.
"Pandemic type fears are obviously going to have a negative impact (on the economy), particularly given the wall-to-wall coverage it is receiving at the moment," he said.
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Source: HighBeam Research, ANALYSIS - ANOTHER AUSTRALIAN RATE CUT IS POSSIBLE.