Economic update

The RBA's November meeting, as widely expected has again reduced interested rates and taken other policy actions in attempts to alleviate COVID-19 economic pressures. A 'triple cut' to interest rates, by reducing the official interest rate from 0.25% to a record low of 0.10%.

The current economic data seems to be better then what was originally expected, with near-term economic outlook looking better then what was originally anticipated.

GDP growth is expected to be around 6 per cent over the year to June 2021 and 4 per cent in 2022. The unemployment rate is expected to remain high, but to peak at a little below 8%, rather than the 10 per cent expected previously.

At the end of 2022, the unemployment rate is forecast to be around 6 per cent. Inflation is forecast to be 1 per cent in 2021 and 1.5% in 2022.

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