Macro - Country Economic Forecasts - Australia
We've kept our GDP growth forecasts unchanged at 1.1% for 2024 and 2.0% for 2025. We've seen some signs the Australian economy is running a little hotter than we previously thought over the past month, which doesn't bode well for its ongoing battle against inflation. Retail sales volumes surprised to the upside, while the labour market recorded remarkably strong growth in headcount. Headline inflation fell sharply, but the drop was overwhelmingly due to subsidies. Underlying inflation remains uncomfortably high.
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