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- Reserve Bank of Australia cuts its growth forecasts
Reserve Bank of Australia cuts its growth forecasts
The Reserve Bank of Australia (RBA) released its quarterly Statement of Monetary Policy on Friday. The RBA revised its forecast for GDP growth for the year to June to 2.25%, compared with 2-3% in the RBA's previous estimate. The forecast for 2015 was lowered by 0.25% to 2.25% - 3.25 %.
GDP in 2015 was revised to 2.25% - 3.25%, down from 2.50% - 3.50%.
The growth at the end of the December 2016 was upgraded to between 3% - 4% from 2.75% - 4.25%.
The RBA downgraded its inflation forecast for the year to June to 1.25%, down from its previous estimate of 1.5% - 2.5%.
The RBA cut its interest rate to a new record low of 2.25% this week, down from 2.50%. The RBA said that the Aussie remains overvalued.
The central bank said today that the country's economy grew below trend in the second half of 2014.
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