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RESERVE BANK OF AUSTRALIA’S LATEST KEY ECONOMIC FORECASTS

Annual growth (previous)

Dec 2020 – minus 4.0 per cent (minus 6.0 per cent)

Dec 2021 – plus 5.0 per cent (plus 5.0 per cent)

Dec 2022 – plus 4.0 per cent (plus 4.0 per cent)

Unemployment

Dec 2020 – 8.0 per cent (10.0 per cent)

Dec 2021 – 6.5 per cent (8.5 per cent)

Dec 2022 – 6.0 per cent (7.0 per cent)

Inflation

Dec 2020 – 0.5 per cent (1.25 per cent)

Dec 2021 – 1.0 per cent (1.0 per cent)

Dec 2022 – 1.5 per cent (1.5 per cent)

Underlying inflation

Dec 2020 – 1.0 per cent (1.0 per cent)

Dec 2021 – 1.0 per cent (1.0 per cent)

Dec 2022 – 1.5 per cent (1.5 per cent)

(Source – Reserve Bank of Australia Statement on Monetary Policy)