The Reserve Bank of Australia cuts its growth and inflation forecasts, as "labor market...

|By:, SA News Editor

The Reserve Bank of Australia cuts its growth and inflation forecasts, as "labor market conditions have continued to be on the soft side" and "recovery in housing construction is unlikely in the near term." Growth is now expected to be 3% this year (vs. 3.5% Feb. estimate) with consumer prices up 2.5% (vs. 3%).