Analysis by Region - Asia Pacific - Australia
Our outlook for GDP growth in 2022 is unchanged at 3.8%, but we have slightly lowered our 2023 forecast by 0.1ppt to 2.4%. Data released over the past month were mixed, with the first signs of the mounting headwinds facing households emerging. Retail sales growth has slowed steadily over 2022, with volume growth in Q2 largely attributable to government voucher schemes. While inflation was not as fast as expected in Q2, the RBA remains focussed on withdrawing policy support as quickly as possible.
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