The RBA put out its six-monthly Statement on Monetary Policy today. Basically it’s saying that economic growth might go up (to 3.5%), or it might go down (to 2.5%), and inflation might stay the same, at 1.5%, or it might go up to 2.5%. In other words, our economic leaders at the central bank haven’t really got a clue; things could go either way from here. Nothing wrong with that, and in fact it’s always the case. When it comes to economic forecasts, the only people telling the truth are those who say they don’t know.
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