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RBA Monetary Policy Statement: lowered growth and inflation forecasts for 2015 | 06.02.2015

The RBA lowered growth and inflation forecasts for 2015 in today's Monetary Policy Statement and stated that unemployment is going to rise. Economic growth is going to expand between 1.75% and 2.75% compared to the previous forecast of 2% to 3% in November. Inflation is projected to be around 1.25%, the previous forecast of the RBA was from 1.5% to 2.5%. Three days ago RBA's Governor Glenn Stevens's cut benchmark interest rates unexpectedly to a record low to 2.25% by 25 basis points as a consequence of slumping iron ore prices. Iron ore accounts for 20% of Australia's exports. A strong Australian dollar weighs on the country's export industry.

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