Australia’s central bank has cut the country’s economic growth forecast, citing the impact of higher interest rates and the prospect of a slowdown in Chinese consumption despite “encouraging” signs that inflation has started to ease.
The Reserve Bank of Australia said its lower near-term projections reflected a weaker outlook for domestic spending. Governor Michele Bullock said controlling inflation remained a key RBA goal and refused to rule out further interest rate rises, although analysts and the bank’s own assumptions are factoring in rate cuts this year.
“Grocery prices increased by 20 per cent over the past two years. That’s massive,” she said.
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