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RBA cuts growth forecasts for the Australian economy
The Reserve Bank of Australia (RBA) released its August statement on monetary policy on Friday. The document revealed the Bank slightly downgraded its growth forecasts for the Australian economy in the near-term. According to the statement, the economy is now expected to grow at an annual rate of between 2 and 3 percent in December 2017 compared to between 2.5 to 3.5 percent indicated in the May Statement. Growth in the economy is forecast to be 2.5 to 3.5 percent in June 2018 compared to between 2.75 and 3.75 percent in the previous forecast. Meanwhile, GDP growth forecast for 2019 was raised to between 3 to 4 percent from between 2.75 to 3.75 percent. The statement also showed the RBA expects higher inflation as the expected utilities prices were revised upwardly, notwithstanding the exchange rate appreciation that has occurred. Measures of underlying inflation are now expected to be between 1.75 and 2.75 percent in June 2018 compared to 1.5 to 2.5 percent in the prior report. Headline inflation is forecast to rise gradually and be between 2 and 3 percent in 2019.
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