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9 Oct 2013
Flash: Australian economic outlook - NAB
FXstreet.com (Barcelona) - The latest research note by NAB shows the forecast for Australian GDP unchanged this month.
Key Quotes
"GDP growth to soften to 2.3% in 2013 before gradually rising to 2.5% in 2014 and 2.9% in 2015. Unemployment is expected to exceed 6% by end 2013 and reach 6¾% by end 2014. Consistent with this soft outlook, we see core CPI edging down to 2.2% by end 2013, lifting modestly to 2.5% by end 2014."
"The RBA appears less dovish on the back of better confidence and improving asset prices. But AUD is still elevated and the labour market continues to weaken. We still see a need for another 25 bp rate cut – probably in February (was November), allowing the RBA time to pause and watch the data."
Key Quotes
"GDP growth to soften to 2.3% in 2013 before gradually rising to 2.5% in 2014 and 2.9% in 2015. Unemployment is expected to exceed 6% by end 2013 and reach 6¾% by end 2014. Consistent with this soft outlook, we see core CPI edging down to 2.2% by end 2013, lifting modestly to 2.5% by end 2014."
"The RBA appears less dovish on the back of better confidence and improving asset prices. But AUD is still elevated and the labour market continues to weaken. We still see a need for another 25 bp rate cut – probably in February (was November), allowing the RBA time to pause and watch the data."