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Australia Central Bank Cuts Growth, Inflation Forecasts - Yahoo News

The bank had hinted at lower growth rates Tuesday when it cut interest rates to a record low of 2.25 percent in a bid to kickstart the economy. Friday's update said the economy had grown at about 2.5 percent on average in the past two years but non-mining business investment was visit our website subdued. The RBA said growth in the year to June 2015 was expected to come in at 2.25 percent, the lower end of its November forecast of 2.0-3.0 percent. "GDP growth is forecast to remain a bit below trend over the course of this year, before picking up to an above-trend pace in the latter part of the forecast period as consumption growth improves, non-mining business investment more info lifts and LNG exports increase," it said. external link The bank also lowered its inflation outlook to 2.0-3.0 percent this year, from the 2.25-3.25 percent forecast previously. The RBA said lower interest rates and the further depreciation of the Australian dollar, which has fallen about 9.0 percent against the US dollar since November, were expected to support demand. But unemployment, currently 6.1 percent, was likely to remain above 6.0 percent until mid-2017.
More: http://news.yahoo.com/australia-central-bank-cuts-growth-inflation-forecasts-034023110--finance.html

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