The Reserve Bank of Australia hs said the recovery from the current economic downturn will be significantly different to the recovery from past economic shocks such as the Global Financial Crisis and the Great Depression. RBA Head of Economic Analysis Brad Jones said in a keynote address at the Minerals Week Australia-Asia Investment Outlook that the current economic shock was different from other episodes, giving the current economic recovery a brighter outlook. One difference is the origins of the COVID-19 economic contraction, which originated from a severe shock in the global supply chain, unlike the GFC, which originated from the collapse in parts of the financial system. Another key difference is the “unusual size and composition” of government policy response, which has left household and business balance sheets in better shape than before the economic downturn. Jones said that domestic and international economic activity snapped back after restrictions lifted, which …