Australia's top central banker sounded sanguine about a sharp slowdown in t...
SYDNEY - Australia’s top central banker sounded sanguine about a sharp slowdown in the country’s property market on Wednesday saying it was unlikely to derail momentum even as data showed the $1.3 trillion economy hit an airpocket last quarter.
The dismal figures sent the Australian dollar to a two-month trough of $0.7029 as investors wagered the Reserve Bank of Australia would ease policy to stimulate the economy. Australia’s top investment bank Macquarie also revised its rate outlook to two cuts this year from no change previously, as did JPMorgan.
A revival in business investment, strong government spending, higher commodity prices and a still robust jobs market are among reasons for the RBA’s optimism.
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