In the Statement last week, the Bank published its updated forecasts for the next few years. The central forecast is for the Australian economy to expand by around 3¼ per cent over 2010, before growth picks up to be in the 3¾–4 per cent range over the next couple of years (Graph 6).
The forecast for 2010 is unchanged from that of three months ago, while the forecasts for the following years have been revised up a little to above-average growth, partly reflecting above-average growth in both the labour force and the capital stock.