Philip Lowe and his Reserve Bank board members will sit down to a markedly different set of circumstances when they meet on Tuesday compared to just a month earlier. Back in early July, Governor Lowe was lauding the economy for bouncing back earlier and stronger than expected. “The Australian economy is on a positive path,” Lowe said. But four weeks on, the outlook has been turned on its head with economists now predicting a sharp economic contraction in the September quarter. This is largely the result of the lengthy virus lockdown in Greater Sydney and regional NSW areas. Last month’s snap lockdowns in Victoria and South Australia will have also left a negative mark, as will the current snap restrictions in Queensland. At this stage, Treasurer Josh Frydenberg is not expecting the downturn to extend into the December quarter, which would constitute a recession, although he says much will depend on …