Westpac Market Outlook

This report provides an outlook for Australia and the global economy, highlighting softening growth, cooling energy price pressures, and central bank reactions to ongoing inflationary risks.

Key Takeaways

• 1.Middle East conflict dynamics are cooling, leading to revised oil price forecasts downward, yet closure remains uncertain.
• 2.Australian economic growth is softening; GDP expanded just 0.3% in Q1 2026, with a shift toward AI-related investment and data centers.
• 3.Central banks are diverging, with the RBA set to pause in June while the ECB and RBNZ signal or implement tightening due to persistent inflation.

Table of Contents

• Australia
• The World
• Summary forecast tables

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