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|Australian Economic Overview August 2012|
Australian economic overview
The Australian growth rate declined in the first months of 2012 to around 2.5%, though this is forecast to improve to around 3.25% in the next year. Growth in the March 2012 quarter was +1.3%, considerably stronger than previous quarters. The May Federal Budget was contractionary compared to the previous year as the government aims to book a headline surplus, though the underlying deficit is still running at around 0.9% of GDP. Reductions of 0.5% in the cash rate by the RBA in May and 0.25% in June will offset tighter fiscal conditions to an extent, but further reductions appear unlikely this year.