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MNI BRIEF: RBA Sees Slower Consumption, Downgrades Growth

MNI (Sydney)
SYDNEY (MNI)

Earlier views suggested that Australia would avoid a recession in the current cycle.

The Reserve Bank of Australia sees falling house prices as a “headwind” for consumer spending and has forecast that the growth in household consumption will halve over 2023.

The forecast is included in the central bank’s updated Statement on Monetary Policy released on Friday, which forecasts that household consumption will grow by 4.9% to December 2022, while growth to December 2023 will fall to 2.4%, (See: MNI STATE OF PLAY: Household Spending A Factor For RBA Hikes).

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The Reserve Bank of Australia sees falling house prices as a “headwind” for consumer spending and has forecast that the growth in household consumption will halve over 2023.

The forecast is included in the central bank’s updated Statement on Monetary Policy released on Friday, which forecasts that household consumption will grow by 4.9% to December 2022, while growth to December 2023 will fall to 2.4%, (See: MNI STATE OF PLAY: Household Spending A Factor For RBA Hikes).

Keep reading...Show less