Analysis by Region - Asia Pacific

Analysis by Region - Asia Pacific

Australian economic data released over the past month have come in broadly as expected. The labour market continues to perform well, with the March unemployment rate holding steady at 4%. Still, hours worked continue to be disrupted by high COVID case numbers. While the volatility in commodity prices has seen the trade surplus shrink, the impact on volumes is likely to be muted. The Federal budget will provide more support to households than we had expected, prompting a slight upgrade to our consumption and growth outlook in 2020. We now forecast GDP growth of 4.1% in 2020 (from 3.8%), moderating to 3.7% in 2023.

Australia: Change in RBA tone and looser budget bring forward rate hikes
Forecast overview
Recent developments
Short-term growth outlook
Key drivers of our short-term forecast
Economic risk
Economic Risk Evaluation
Risk warnings
What to watch out for
Exposure to key global risks
Long-term prospects
Economic development
Structure of the economy

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