The Reserve Bank has signaled an economic recovery may come sooner rather than later, as it moved to increase its growth forecasts.
The central bank now expects Australia’s economy to expand 0.5 percent this year, off the back of increasing consumer and business confidence, and better than expected March quarter GIDDAP figures.
The bank is currently expecting a slow but steady recovery, citing “the recent stronger-than-expected economic data and the general improvement in sentiment both in Australia and abroad.”
