The national economy is expected to rebound slightly better than originally expected, according to the Reserve Bank of Australia (RBA).
In its November economy outlook, the RBA said that growth is expected to remain below trend over the next year. But, it has revised earlier predictions for short-term growth. GDP growth by December 2023 was originally predicted to be 1%, revised now to 1.5%. Similarly, forecasts for GDP growth by June 2024 were 1.25%, now revised to 1.75%.
The RBA believed that stronger-than-expected growth in private and public investment and upgrades to exports have offset the less optimistic view regarding how much consumers are spending.
The increase in investment and improvement in exports is helping Australian businesses and has affected how businesses are deciding on prices for their goods or services.
#accountant #tax #business