Goldman Sachs has released a 50-page outlook for Australia 2014: Australia, the odd one out They forecast just 2.3% growth They say the mining investment cliff will be steeper than the market and budget forecasts expect Employment to be more subdued than expected Household incomes moderating Government spending will be cut further The continue to expect high house prices These combine to increase downside risk to 2014 growth prospects Also, further deterioration in the Australian budget/fiscal position Non-mining investment will not replace the drop off in mining investment Financial conditions are loose and expected to remain so