Weekend Economist: Dovish downgrade

The Reserve Bank's downward revision of its growth forecasts suggests a weak outlook for employment, wages, and non-mining investment will present serious obstacles to rebalancing the economy.

The Reserve Bank has lowered its growth forecast for 2014 from 2.5 per cent-3.5 per cent to 2 per cent-3 per cent. That is quite significant. These growth forecasts for 2014 are now consistent with our own forecasts.

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