Philip-Lowe
Reserve Bank governor Philip Lowe (Image: AAP/Joel Carrett)

To the extent we didn't know it before, the Reserve Bank (RBA) has confirmed that our economic future looks bleak indeed until well into the 2020s.

The bank put together three scenarios for the economy in Friday's August Statement of Monetary Policy, which is now our most up-to-date official view of the economy -- the government's July economic update having been, through no fault of Josh Frydenberg, comprehensively trashed by events in Victoria.

Even the RBA's "baseline" scenario, seen as most likely, paints a miserable few years for Australians. The Great Morrison Stagnation that was the world pre-COVID will seem like nirvana in 2021 and 2022. And we still don't really know how the recovery will play out -- the RBA admits (as it has done for a while now) that it is very difficult, if not impossible, to be confident about key economic estimates more than three months into the immediate future. Nevertheless.