RBA embraces lowflation

From the new SoMP:

The outlook for the Australian economy is little changed since the August Statement. GDP growth over the first half of 2019 was stronger than it was over the second half of last year and recent data have been consistent with a continuation of moderate growth. The labour market and inflation forecasts are also little changed although wage growth is no longer expected to pick up.

Growth in Australia’s major trading partners is expected to remain around its recent pace over the next two years. This is a little lower than forecast three months ago because there are more signs that the slowing in export-oriented sectors associated with the US–China trade and technology disputes is spilling over to the service sectors.

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