30/05/2011: Defending the defensible

Westpac’s Weekly Commentary

Inside this week’s latest economic report:

Having taken the time to absorb the Budget, we’ve confirmed that it was significant enough to warrant some downward revisions to our forecasts.
We’ve also noticed an interesting vein of scepticism among many commentators around the economic forecasts that underpinned the Budget.
We thought we should offer up a few defences, as those forecasts have much in common with our own.
The Treasury anticipates GDP growth of 1.8% in the year to March2012, accelerating to 4.0% in the year to March 2013, and more…