Deloitte Access Economics says the Omicron variant manes the RBA forecast is too optimistic:

  • Omicron spreading at a rapid rate
  • half the workforce would likely miss an extra week of work in H1 of 2022
  • “That is the main reason why our forecasts for 2022 are more modest than those of the RBA (released in) November,”
  • Omicron weighing on everything from business investment … to ­borders

On a brighter they note:

  • Omicron would not cause anywhere near the same economic pain as the first wave of Covid-19 in 2020 and the Delta wave last year

Info via local media on Deloitte's projections (may be gated)