Shane Oliver, AMP: The Australian economy is slowing as a result of the loss of contribution to growth from mining. There has only been a marginal improvement in housing and consumer confidence as the RBA was slow in cutting interest rates. Despite the recent commentary foreshadowing a recession, the risk is relatively low and growth is likely to be in the range of 2.0-2.5%. The global economy will be supportive over the next year which will allow non-mining sectors to pick up. In particular, further declines in the Aussie dollar will boost tourism, manufacturing and education. (VIEW LINK)
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