The Forward View Australia December 2025: missing the approach - NAB

18 December 2025
Economy and Markets

Economic outlook and trends

  • The economy looks to be ending 2025 with private sector growth strong and the labour market healthy. 
  • Inflation is expected to track above 3% for a number of quarters with the Q4 trimmed mean likely to surprise the RBA again.
  •  We now expect rates to rise in H1 2026, in a modest recalibration of policy.

For the full detail, read the report here (PDF, 1MB).

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