Bill Evans, chief economist at Westpac, suggests that the analysis team at Westpac are now expecting that the Reserve Bank of Australia to cut the cash rate by 25bps in both August and November this year.
Key Quotes
“We have revised down our GDP growth forecasts for 2019 and 2020 from 2.6% to 2.2%. With the slower growth profile we now expect to see the unemployment rate lift to 5.5% by late 2019. That makes a strong case for official rate cuts to cushion the downturn and, in turn, meet the RBA’s medium term objectives.”
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