Reserve Bank of Australia Governor Bullock reads the writing on the wall for Australia's economic growth:
- Australia's very weak economic growth outlook has been cut even further
Reserve Bank of Australia Governor Bullock and Assistant Governor (Financial Markets) Kent appear before the Australian Parliament
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Before the Senate Economic Legislation Committee
Bullock:
- We expect GDP growth in the first quarter to be very low
- The economy is weak, and this shows in consumption
- Searching for a soft landing for the economy
- Core inflation is falling, but only slowly
If it means essence, then it's progressive. Last monthly reading:
Average cut: 4.1% y/y
- Previous: 4.0%
more:
- Demand continues to exceed the economy's ability to supply
Uh…demand > supply means inflation pressure
more:
- We don't judge anything inside or outside politics
This article was written by Eamonn Sheridan at www.forexlive.com.
