Weekend Economist: Lower to go

The RBA still expects below-trend growth despite this week's cut. Expect it to move again at the next opportunity.

The Reserve Bank Board decided to lower the cash rate by 25 basis points to 2.25 per cent on February 3. This has been Westpac’s forecast since December 4, when it became clear that demand conditions in the Australian economy had deteriorated more sharply than we expect the bank had anticipated. The Governor’s post meeting statement confirmed that assessment, as he referred to growth as being below trend but more importantly “domestic demand growth overall quite weak”.

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