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

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