Fitch ratings agency says Australia's growth is at a decade-low despite de-synchronised cycles
- Australian economy has been slowing down quite sharply since second half of last year
- Australia's GDP growth will slow to decade low of 2% this year despite de-synchronised movements in house prices, commodity prices
- Weakening momentum has been triggered by a protracted downturn in housing market
- Despite positive commodity price tailwinds, expect 2019 Australian GDP growth to hit 2.0%, its lowest since 2008-2009 global financial crisis
Fitch add their Reserve Bank of Australia outlook:
- expect the RBA to cut by at least 25bps this year, possibly as early as the June meeting
Wow, Fitch is restrained in their RBA call. Plenty calling for 3 or 4 cuts ahead.