The upbeat outlook comes as analysts upgraded forecasts for first-quarter GDP, due Wednesday, following a run of better-than-expected data this week. Australia’s A$1.8 trillion economy is expected to have expanded a brisk 0.9 percent in the March quarter from 0.4 percent in December, according to a consensus of 19 economists polled by Reuters. The annual pace likely accelerated to a healthy 2.8 percent, from 2.4 percent in December.
Australia keep interest rates unchanged, flags upbeat outlook
Australia’s central bank left interest rates at record lows on Tuesday, as expected, and expressed confidence in the economy’s ability to extend its 26-year run without recession, thanks to stronger exports and government spending. The Reserve Bank of Australia (RBA) held policy rates at 1.50 percent for a 22nd straight meeting, citing lukewarm inflation and wage growth. However, it expects the country’s average gross domestic product (GDP) growth to accelerate to “a bit above” 3 percent in 2018 and 2019.
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