SYDNEY: Australia’s central bank lowered near-term growth forecasts Friday after a rare contraction in the September quarter, but stayed positive about the economic outlook as the International Monetary Fund warned of risks ahead.
The Reserve Bank of Australia slashed the growth figures for the year ending June 2017 by one percentage point to 1.5-2.5 percent following a 0.5 percent contraction in the third-quarter of last year.
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