In the Australian press, reports on the OECD outlook for Australia released overnight
- 2015 growth cut to 2.2 per cent from 2.3 per cent
- OECD cut its forecast for Australian economic growth in 2016 to 2.6% (from a 3% prediction five months ago)
Cites:
- Slowdown in global demand for resource exports
- Softer household spending
- Only a "surprise jump" in government spending this year will keep gross domestic product from slowing even more sharply
The OECD Outlook anticipates no more cuts to the 2% RBA cash rate
- Assumes interest rate increases will begin in the fourth quarter of 2016
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The OECD's latest twice-yearly Economic Outlook is here, and specifically for Australia, here