Reserve Bank of Australia’s Statement on Monetary Policy: the central bank lowers its inflation forecasts
The Reserve Bank of Australia (RBA) release its Statement on Monetary Policy on Friday. The central bank cut its inflation forecasts. Consumer price inflation is expected to be 1%-2% by the end of 2016, down from its previous estimate of 2%-3%, and 1.5%-2.5% by mid-2018, down from its previous estimate of 2%-3%. The Australian economy is expected to expand 2.5%-3.5% by the end of 2016, and 3%-4% by mid-2018, both forecasts remained unchanged.
The RBA said that uncertainty weighed on consumer price inflation in Australia, adding that it will adjust its monetary policy to boost consumption and inflation.
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