WEEKEND ECONOMIST: On the up

The RBA has substantially revised its forecast for the growth profile in 2010 and again emphasised that it will raise rates in a 'gradual' way. But given the bank's growing optimism, another 25 basis point hike looks likely in December.

For the first time, the RBA has supplied their growth forecasts in fiscal year average terms to allow a direct comparison with the Government's MYEFO forecasts which were delivered earlier this week. The table below shows that the forecasts are broadly consistent, with the Bank being a little more optimistic in 2010/11.

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