Australia central bank cuts growth, inflation forecasts

Share
The Reserve Bank of Australia (RBA) said gross domestic product would expand 2.25-3.25 percent in 2015, compared with a November estimate of 2.50-3.50 percent.
"Growth overall is now forecast to remain at a below-trend pace somewhat longer than had earlier been expected," the RBA said in a quarterly economic update.
The bank had hinted at lower growth rates Tuesday when it cut interest rates to a record low of 2.25 percent in a bid to kickstart the economy. Friday's update said the economy had grown at about 2.5 percent on average in the past two years but non-mining business investment was subdued.
The RBA said growth in the year to June 2015 was expected to come in at 2.25 percent, the lower end of its November forecast of 2.0-3.0 percent.
"GDP growth is forecast to remain a bit below trend over the course of this year, before picking up to an above-trend pace in the latter part of the forecast period as consumption growth improves, non-mining business investment lifts and LNG exports increase," it said. The bank also lowered its inflation outlook to 2.0-3.0 percent this year, from the 2.25-3.25 percent forecast previously.
- Impact of climate change on Pakistani agriculture06:22 AM | 27 May, 2022
- Pakistan becomes a full member of the international olive council09:53 PM | 22 May, 2022
- Impact of Climate Change on Mango Production in Pakistan08:30 PM | 19 May, 2022
- Pakistan agriculture facing severe water shortage06:33 AM | 16 May, 2022
- Effects of severe heat wave on crops in Pakistan06:17 PM | 11 May, 2022
- Pakistani mountaineer Ali Raza Sadpara passes away10:46 AM | 27 May, 2022
- Indian troops martyr three Kashmiri youth in IIOJK10:17 AM | 27 May, 2022
- PM Shehbaz to announce relief package for those who can’t afford ...09:45 AM | 27 May, 2022
- Today's currency exchange rates in Pakistan - Dollar, Euro, Pound, ...09:19 AM | 27 May, 2022
- Today's gold rates in Pakistan – 27 May 202208:46 AM | 27 May, 2022
- Amna Ilyas’ new bold photo from France sets internet on fire07:13 PM | 26 May, 2022
- Fans share their dance videos to celebrate Ali Zafar’s hit song ...05:50 PM | 26 May, 2022
- Alizeh Shah’s new video of enjoying song in car goes viral04:45 PM | 26 May, 2022
- Five best Pakistani YouTube channels that would make your Ramadan ...12:24 PM | 15 Apr, 2022
- Where does Pakistan stand in most powerful passport list in 2022? ...08:37 PM | 5 Apr, 2022
- International Women's Day - Pakistani women who made a mark globally!09:55 PM | 8 Mar, 2022
- ‘Hybrid regime’: Pakistan among worst nations on EIU's Democracy ...01:22 PM | 12 Feb, 2022