Despite underlying inflation coming in slightly stronger than the Reserve Bank of Australia expected in the first quarter, the RBA will almost certainly leave interest rates at 1.5% at its next policy meeting on Tuesday 1st May. And it may revise down its GDP growth forecasts in the following Friday’s Statement on Monetary Policy. Further ahead, we anticipate that the RBA will keep rates at 1.5% until late 2019 as GDP growth and inflation remain weaker than expected.
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