Macro - Country Economic Forecasts - Australia

Macro - Country Economic Forecasts - Australia

The relatively light flow of new information over the past month has come in broadly in line with our expectations. Domestic activity is slowing, and while the labour market is slackening a little, it remains remarkably tight. We upgraded our outlook for population growth, with recent outcomes and forward indicators for migration beating our expectations. Accordingly, we revised our GDP growth forecast for 2023 higher to 1.9%, from 1.8%, and to 1.4% in 2024, from 1.3%.