The Committee for Wyndham has hosted its economic update for the 11th year in a row last week, featuring NAB Group chief economist Alan Oster.
Committee for Wyndham chief executive Leanne Down opened proceedings, before Mr Oster delivered a forecast on Wyndham’s economic outlook in front of a full house.
During his presentation, Mr Oster said GDP growth is expected to slow to about 1.2 per cent in 2024, impacted by slower global growth and rising interest rates. However, growth is anticipated to return to about 2.2 per cent by 2025 and maintain a similar pace from there.
Currently at a low of approximately 4 per cent, unemployment is projected to rise slightly to 4.5 per cent by late 2024, influenced by labour shortages and seasonal factors, according to Mr Oster.
While price inflation has peaked, it will remain elevated for some time, Mr Oster said.
Wage growth, currently about 4.1 per cent, is expected to moderate to about 3.8 per cent by 2024.
The Reserve Bank of Australia (RBA) is in a data-watching phase, with expected interest rate cuts starting in the first half of 2025, potentially lowering rates to 3 per cent
by mid-2026, the forum heard.
Jaidyn Kennedy
