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14 Aug 2013
Flash: Next RBA cut November, more cuts may follow - NAB
FXstreet.com (Barcelona) - According to Alan Oster, Group Chief Economist at NAB, there are further signs of growth heading lower in Australia, expecting the GDP to weaken to 2.2% in 2013, before rising to 2.6% in 2014, while a significant deterioration
in the jobs market is also expected this year (unemployment above 6%) and next.
Oster notes: "Our forecasts have been revised a touch lower – with downside risks building. When combined with still low inflation, we expect another RBA cut – probably in November – and more cuts may follow. We remain a touch more bearish than recently revised (down) forecasts from the Government and the RBA."
in the jobs market is also expected this year (unemployment above 6%) and next.
Oster notes: "Our forecasts have been revised a touch lower – with downside risks building. When combined with still low inflation, we expect another RBA cut – probably in November – and more cuts may follow. We remain a touch more bearish than recently revised (down) forecasts from the Government and the RBA."