As seen in RBA’s Statement on Monetary Policy, 2021 year-average GDP growth forecasts was downgraded from 4.75% to 4.25%. 2022 GDP year-average GDP growth forecast was left unchanged at 5%. 2023 year-average growth forecast was upgraded from 2.75% to 3%.
Headline CPI inflation forecasts were raised across the horizon, with 2021 year-end increased from 2.5% to 3.25%, 2022 year-end increased from 1.75% to 2.25%, 2023 year-end increased from 2.25% to 2.5%. Trimmed mean inflation forecasts were also raised, with 2021 year-end increased from 1.75% to 2.25%, 2022 year-end from 1.75% to 2.25%, 2023 year-end from 2.25% to 2.5%.
2021 year-end unemployment rate forecast was lowered from 5% to 4.75%. 2022 year-end and 2023 year-end unemployment rate forecast was left unchanged at 4.25% and 4% respectively.
