CANBERRA, AAP – THE RESERVE BANK’S LATEST KEY ECONOMIC FORECASTS:

GDP (previous forecast in brackets)

Dec 2021 – 5.0 per cent (3.0 per cent)*

June 2022 – 5.0 per cent (4.0 per cent)

Dec 2022 – 4.25 per cent (5.5 per cent)

June 2023 – 2.5 per cent (3.25 per cent)

Dec 2023 – 2.0 per cent (2.5 per cent)

June 2024 – 2.0 per cent (n/a)

Unemployment

June 2022 – 4.0 per cent (4.5 per cent)

Dec 2022 – 3.75 per cent (4.25 per cent)

June 2023 – 3.75 per cent (4.0 per cent)

Dec 2023 – 3.75 per cent (4.0 per cent)

June 2024 – 3.75 per cent (n/a)

Inflation

June 2022 – 3.75 per cent (2.75 per cent)

Dec 2022 – 3.25 per cent (2.25 per cent)

June 2023 – 2.75 per cent (2.25 per cent)

Dec 2023 – 2.75 per cent (2.5 per cent)

June 2024 – 2.75 per cent (n/a)

Underlying Inflation

Dec 2021 – 3.25 per cent (2.25 per cent)

June 2022 – 2.75 per cent (2.25 per cent)

Dec 2022 – 2.75 per cent (2.25 per cent)

June 2023 – 2.75 per cent (2.25 per cent)

Dec 2023 – 2.75 per cent (2.5 per cent)

June 2024 – 2.75 per cent (n/a)

*Due to be released on March 2

(Source: RBA quarterly statement on monetary policy)