The latest survey from Bloomberg on the Australian economy is downbeat across the board, not just Nomura
GDP downward revisions, forecasts now:
- Q1 slashed by reduced 0.6% to 1.9%
For 2019 as a whole, forecasts centre on 2.3%
- 2020 2.6%
- 2021 2.6% also
Comments via Nomura:
- Very soft GDP growth through the second half of 2018 and softening leading labour market indicators both suggest the unemployment rate should rise over the next six months
- We expect the RBA to cut the cash rate by 50 basis points by September
- 25bp cuts likely in July and August
