23/05/2011: Wielding the axe

Westpac’s Weekly Commentary

Inside this week’s latest economic report are highlights of the 2011 Budget:

• Last week’s Budget was all about cost-cutting and getting the government finances back into surplus.
• The Budget was even tighter than we expected – suggesting a more moderate GDP growth and interest rate profile than we had assumed,
• A slower pace of OCR hikes over the next couple of years, and more…