The Reserve Bank has again lowered its outlook for the Australian economy.
The latest RBA quarterly statement on monetary policy forecasts economic growth of around 2.5% for the current financial year, down from a forecast in November of 2.75%.
Likewise the forecast for growth in the 2013 calendar year has been cut 0.25 percentage points to 2% - 3% and the bank's inflation forecasts for the year ended June 2013, have been trimmed by the same amount.
"The outlook for the Australian economy is slightly weaker than it appeared at the time of the November Statement," bank forecasters noted in the statement.
"The revisions... largely reflect information accumulating late last year suggesting that the outlook for mining and non-mining investment was a little weaker than had previously been thought."
The ABC reports the RBA cites the peak of the mining investment boom, the push for tighter government budgets, the high Australian dollar and little sign of a pick-up in non-mining investment as reasons why it has lowered its forecasts.
