people-outside-employment-centre
(Image: AAP Photo/Charles Krupa)

Reserve Bank governor Philip Lowe believes the economic impact from our current wave of Delta-variant infections and lockdowns will be “temporary”. On Thursday we'll get the first evidence of the unemployment impact on the August jobs report.

If the United States is any guide, there will be ample evidence that Delta will have significant and ongoing effects on employment -- enough to suggest the working theory that reopening will offer another 2020-style jobs bounce-back in jobs may be seriously flawed.

The RBA had forecast GDP to grow 4% by December this year, but after growth of 2.5% in the first half of the year, the current slump -- forecast to be about 3% to 4% for this quarter -- that plainly won't be met.