SYDNEY - Australia may be destined for another two years of sub-par economic growth as debt-laden households keep their wallets shut tight, though analysts are hopeful lower interest rates and tax handouts would help it dodge a recession.
Growth was seen picking up modestly to 2.5% in 2020 and 2.6% the year after, though that would still be short of the 2.75% that is considered trend. The Reserve Bank of Australia has reacted by cutting interest rates twice in as many months, taking them to an historic low of 1%, while regulators have eased rules on home loans to free up a log jam in bank lending.
“We do not see this package as a game changer for consumption given it first comes as a rebate and subsequent tax cuts come with a considerable delay,” said Westpac senior economist Elliot Clarke.
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