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Global growth still sluggish with major divergences between different regions. Below trend growth expected to continue into 2013 as world economy averts major risks in US and Euro-zone. Australian economy stumbles into Q4, with growth clearly below trend. Slowing mining boom, still high AUD and fiscal tightening to weigh on near-term activity. GDP forecasts unchanged, but softer than RBA and Commonwealth. One more RBA cut in February provided modest CPI and still soft demand.
Below is the full report:
http://www.medicalfinancial.com.au/images/121113 NAB Global and Australian Forecasts.pdf
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