More on CBA's dismal outlook for Australia's economy this quarter ... and RBA
The earlier post is here, with Commonwealth Bank of Australia tipping a huge contraction for the Australian economy in Q3 2021.
- and 300,000 jobs risk being lost
- revise their forecast for the first RBA rate hike to May 2023 (previously were expected late in 2022)
- The negative shock to the economy, particularly the labour market, over the next few months will mean that it takes a little longer for wages pressures to fully emerge
ANZ are also slashing their outlook: Australia - ANZ expect an economic contraction in Q3, rebound in Q4
- forecasting GDP -1.3% q/q in Q3 (prior +0.4%)
- and the RBA to defer its QE taper until at least November