More from Westpac following the GDP data from ozzAustralia todat
This time Bill Evans, Chief Economist on what it means for the RBA. In brief:
- Reserve Bank is likely to see the need to further revise down its growth forecasts when it announces its revised forecasts with the May Statement on Monetary Policy.
- the Bank is expected to cut the cash rate by 25 basis points to 1.25% in August and follow that up with a second cut of 25 basis points in November recognising confirmation of persistent below trend growth.
(ps. Westpac had already been calling for August and November cuts)
Earlier:
- Responses to the Australian GDP data coming in - 'economy slowed sharply' H2 2018
- Australian Treasurer Frydenberg says GDP showing some moderation
- AMP again looking for 2 RBA rate cuts in 2019
- AUD response to the poor GDP result (and why its worse than it appears)
- Australian Q4 GDP 0.2% q/q (vs. expected 0.3%)
