RBA lifts growth forecast, sees underlying inflation at 2% by early 2018

(Photo BRENDAN SMIALOWSKI/AFP/Getty Images)

The Reserve Bank of Australia (RBA) has just released updated forecasts for Australian economic growth and inflation as part of its quarterly statement on monetary policy (SoMP).

Here they are:

And here are its previous forecasts offered three months ago:

The central bank forecasts gross domestic product to rise between 2.75% to 3.75% in 2018, up from 2.5% to 3.5% previously.

Headline inflation returned to the RBA’s 2% to 3% target band in the year to the March quarter, and the central bank sees underlying inflation to be around 2% in early 2018.

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