Australia's growth likely on track over coming years

Australia current GDP is at 0.2%, it is expected to rise in Q4 2015 and over coming years, the growth is likely to move on a positive note. Both government and household spending helped pushing the growth up, while China's effect dragged the exports down. 

However, RBA's expectations towards Australia's economy are softened on slower population growth. The central bank says that 2015's double interest rate cuts had a positive impact on its economy.

Besides these cuts in the near term outlook, no significant changes were made to RBA's estimates. However Australia's growth looks on track, Q2 GDP was likely expanded.

"Further ahead, the shifts in the oil and exchange rate assumptions would tend to raise the GDP path slightly, while other inputs into the forecasting process, such as growth expectations for the rest of the world and the pace of decline in resource investment are likely to be changed little, if at all", says Societe Generale. 

In fact, over the past three months, there are signs that the RBA has become a bit more upbeat about the prospects for non-resource investment. That at least is the impression taken away from the minutes of the meetings.