360° Coverage : Reserve Bank lowers outlook for Australian economy

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Reserve Bank lowers outlook for Australian economy
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Reserve Bank lowers outlook for Australian economy

Feb 8 2013, 2:11am CST | by

Sydney, Feb 8 (IANS) The Reserve Bank of Australia (RBA) has lowered its gross domestic product (GDP) forecast for 2013 in its quarterly Statement on Monetary Policy released Friday.

Sydney, Feb 8 — The Reserve Bank of Australia (RBA) has lowered its gross domestic product (GDP) forecast for 2013 in its quarterly Statement on Monetary Policy released Friday. The RBA said that...

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1 year ago

Reserve Bank lowers outlook for Australian economy

Feb 8 2013, 2:11am CST | by

Sydney, Feb 8 (IANS) The Reserve Bank of Australia (RBA) has lowered its gross domestic product (GDP) forecast for 2013 in its quarterly Statement on Monetary Policy released Friday.

Sydney, Feb 8 — The Reserve Bank of Australia (RBA) has lowered its gross domestic product (GDP) forecast for 2013 in its quarterly Statement on Monetary Policy released Friday.

The RBA said that the Australian GDP growth is now expected to be a little below trend over 2013, at round 2.5 percent, before picking up a little in 2014, reported Xinhua.

"The outlook for the Australian economy is slightly weaker than it appeared at the time of the November Statement," the RBA said in the statement.

"These forecasts have been revised down since the November statement, largely reflecting the slightly weaker outlook for mining and non-mining investment."

The RBA mentions several reasons for lowering the outlook for the Australian economy, including the expectation that the mining investment boom will peak in 2013, the effect of the persistently high level of the Australian dollar and little sign of a near-term pick-up in non-mining investment.

The central bank expects inflation to remain in its target range of two to three percent in 2013.

"Over the next few quarters, the pace of underlying inflation is expected to remain at an annual rate of around 2.5 percent and continue to be consistent with the inflation target for the rest of the forecast period," the RBA said.

IANS

Source: IANS

 
Update
11

1 day ago

RBA minutes show its limitations

Oct 21 2014 1:37am CDT | Source: NEWS.com.au

THERE is a limit to what the RBA can do to fine tune the economy - it has little option but to wait and see despite a lacklustre ...
Source: NEWS.com.au   Full article at: NEWS.com.au
 

 
Update
10

1 day ago

Rates to stay low despite housing surge

Oct 21 2014 12:03am CDT | Source: NEWS.com.au

THE RBA is going to keep its interest rate at a record low of 2.5 per cent despite a booming housi ...
Source: NEWS.com.au   Full article at: NEWS.com.au
 

 
Update
9

1 week ago

Investor share of housing loans up again

Oct 9 2014 9:20pm CDT | Source: The Australian

THE proportion of housing loans snapped up by investors hit a new high in August, highlighting the difficult task fa ...
Source: The Australian   Full article at: The Australian
 

 
Update
8

1 week ago

Investor share of housing loans up again

Oct 9 2014 9:14pm CDT | Source: NEWS.com.au

INVESTORS snapped up nearly half the housing loans approved in August, highlighting RBA concerns over an "unbalanced ...
Source: NEWS.com.au   Full article at: NEWS.com.au
 

 
Update
7

1 week ago

Low rates not driving home building: RBA

Oct 8 2014 9:36pm CDT | Source: NEWS.com.au

AN RBA official says low interest rates are meant to encourage new home construciton but that is not happening ...
Source: NEWS.com.au   Full article at: NEWS.com.au
 

 
Update
5

2 weeks ago

RBA Leaves Rates Steady and Aussie Dollar Rallies on Bargain Hunting

Oct 7 2014 3:29am CDT | Source: IBTimes UK

Australian dollar rallied after RBA left policy rates unchanged and stated that growth maint ...
Source: IBTimes UK   Full article at: IBTimes UK
 

 
Update
4

2 weeks ago

RBA's rates decision - full text

Oct 6 2014 10:53pm CDT | Source: NEWS.com.au

THE full text of the RBA's decision on interest rates on Tuesday. The RBA left the cash rate at its historic low of 2.5 p ...
Source: NEWS.com.au   Full article at: NEWS.com.au
 

 
Update
3

2 weeks ago

Dollar dives as RBA holds steady

Oct 6 2014 10:46pm CDT | Source: The Australian

THE RBA kept interest rates on hold for the 14th month in a row today prompting a plunge in the value of ...
Source: The Australian   Full article at: The Australian
 

 
Update
2

2 weeks ago

Rates to stay on hold despite falling $A

Oct 6 2014 5:27pm CDT | Source: NEWS.com.au

THE RBA may be pleased with the Australian dollar's recent fall but the cash rate is set to remain unchanged fo ...
Source: NEWS.com.au   Full article at: NEWS.com.au
 

 
Update
1

2 weeks ago

Rates to stay on hold despite falling $A

Oct 2 2014 11:30pm CDT | Source: NEWS.com.au

THE RBA may be pleased with the Australian dollar's recent fall but the cash rate is set to remain unchanged for no ...
Source: NEWS.com.au   Full article at: NEWS.com.au
 

 

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<a href="/latest_stories/all/all/8" rel="author">Luigi Lugmayr</a>
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