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Is having profound impacts on Australias economy Australia has so far outperformed most other countries in both health and economic outcomes. The outlook for the Australian economy in 202021 remains uncertain with only moderate growth expected for output household consumption and domestic final demand given their recent falls Table 1. Robust Economy Underpins Australia S Growth Austrade 2008 2012 2016 2020-30-20-10 0 10 -30-20-10 0 10 GDPGrowthChinaandIndia Year-ended India China SourcesCEICDataRBA 2004 2008 2012 2016 2020-20-15-10-5 0 5 -20-15-10-5 0 5. Australian economy 2020 . Consumer inflation and wage growth are likely to continue to be weak. This was the first time in the more than 60 years that GDP has grown by more than 3 percent in two straight quarters on the back of massive monetary and fiscal stimulus. As economic uncertainty hindered investment decisions since the onset of the COVID-19 pandemic businesses have instead continued to accumulate their deposit assets.