Reserve Bank lifts Australia growth forecast

SYDNEY: Australia’s central bank raised its growth forecast for the next financial year but tipped no interest rate moves for 2017 owing to uncertainty surrounding consumer spending.

The Reserve Bank of Australia said it expected the economy to expand 2.75-3.75 percent in the year to June 2018, up 25 basis points from its February forecast on expectations of a sharp increase in liquefied natural gas (LNG) exports.