JP Morgan:
- Cuts 2015 GDP forecast for Australia
- Expects a delayed start to policy normalization
via Bloomberg
More:
- Lowers 2015 real GDP growth forecasts for Australia to 2.8% from 3.3% and for 2014 to 3.0% from 3.1%
- First RBA rate increase to 4Q 2015 from 3Q 2015
- Most material re-assessment is for consumer spending; compression of household-income growth likely to linger into next year, following steep drop in the terms of trade this year and delayed federal budget savings
