The Reserve Bank of Australia (RBA) has just released its latest quarterly Statement on Monetary Policy (SoMP), including updated projections on GDP growth, inflation and unemployment over the next few years. Here are the new forecasts. Today’s forecasts are the first time the RBA has forgone the use of forecast ranges, opting instead to make its forecasts to the nearest quarter-point. This was announced last month, and were widely expected by financial markets. So how have they changed? The most noticeable tweak involves the bank’s underlying inflation forecasts, those which are of most importance on the outlook for ... (full story)