The Treasurer will downgrade economic growth for financial years 2023 and 2024 in a statement to Parliament that will show inflation rising above the RBA’s 7 per cent forecast.
Treasurer Jim Chalmers will downgrade economic growth for this financial year and the next in a statement to Parliament on Thursday that will show inflation peaking above the Reserve Bank of Australia’s 7 per cent forecast.
Excluding the introduction of the GST in 2001, annual growth in headline and underlying inflation was the fastest since the early-1990s. Interest rate expectations firmed on the RBA pushing ahead with a third, consecutive half-percentage-point rise at its August board meeting next Tuesday, lifting the cash rate to 1.85 per cent.
The IMF forecasts growth of just 3.2 per cent this year and 2.9 per cent next year, 0.4 and 0.7 percentage points lower from its April estimate. This largely reflected slowdowns in the US, China and the eurozone.
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