RBA revises growth forecast up

THE Reserve Bank has flipped its forecasts back upwards, reflecting a recent run of more positive economic data.

In its quarterly Statement on Monetary Policy, Australia's central bank is now forecasting the economy will grow an average of 3.75 per cent over this calendar year, up from its May forecast of 3 per cent.

A large part of that is due to much stronger than expected first-quarter economic growth of 1.3 per cent.

That has forced the bank to shift its prediction for the financial year just ended to 3.75 per cent.

The Reserve also highlighted that business borrowing is growing at its fastest pace in three-and-a-half years, and that consumer spending was strong in the first half of the year, with liaison with some retailers suggesting it became even stronger after the Federal Government's carbon price compensation payments in May and June.

Read more at ABC news online.

Topics:  economy, rba



Local Real Estate

Featured Real Estate
FULLY SELF CONTAINED... $9500.00 From
Cabin $12.5K for 6 x 2.4 x 2.5m fully installed. D.I.Y $9.5k bare ...
Cottage at... $260.00 per...
House 3 1 1
Low set unit with... $250 per week
House 2 1 1
Do You Want an Easy to... $305,000
House 3 2 2

Featured Jobs

Clarence Valley jobs listed daily

Featured Jobs
Coach Driver Grafton Part Time
Delivery Driver - Coffs... Coffs Harbour Full Time PerHour


Local Partners

LATEST DEALS AND OFFERS

Local Jobs

Search for your next job now!
Learn More

Cars For Sale

Find cars for sale online now.
Learn More

Subscription Sale

Subscribe now for $1 for 14 days.
Learn More

Local Profile

Stay Connected

Get the news as it happens, in your inbox

You can change the newsletters you are subscribed to when you edit your profile

Edit Profile


Special Offers

Latest deals and offers

Horoscopes

Leo

Printing, the written word and other forms of marketing will help you today. Take out an ad if you need to get your services or product out...

read more

Marketplace

Special Offers & Promotions

Compare & Save