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RBA cuts GDP forecasts

Here are the key points ofr the RBA Statement on Monetary Policy, released today:

  • GDP growth forecast was lowered from 2.5% to 2.25% at the end of 2013 
  • RBA sees a 2.5% growth in the mid-2014, 2.75% to 4.25% - at the end of 2015
  • Recent data had not lessened scope to cut at the August meeting
  • Economic growth is expected to stay below trend to mid-2014, rise above trend 2015
  • Underlying inflation is seen at 2.25 % end 2013 and mid-2014, 2-3 % out to end 2015
  • AUD still remains high, further decline would raise profile for economic growth and inflation
  • Mining investment is likely to decline “noticeably’ over next few years
  • Unemployment rate is expected to rise gradually for the next year

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