Inflation could remain above three per cent until late 2009 because of solid commodity prices, Access Economics’ Business Outlook for the June quarter warned today.
Australia’s economy is in fact in decline while on the rise up at the same time, the report said.
According to the report, those states that benefit to the resource boom will power further ahead of non-commodity-based states such as New South Wales and Victoria.
“For half of Australia the glass is half full and for the other the glass is half empty,” Access Economics director Chris Richardson said.
“Although real output growth is slowing, nominal output growth is accelerating, and looks like seeing the strongest gain in a generation as lingering strength in China... has underwritten an enormous surge in coal and iron ore prices,” he said.
The report also forecast another “rotten” year ahead for the finance sector as higher interest rates and the credit crunch take their toll on the sector.
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