House price slump is now weighing on the economy, but is it getting worse or bottoming out?

PHOTO:  Australian house prices may be 4pc down from their peak, but they are still up more than 40pc over the decade. Maximillian Conacher: public domain

It’s a busy week for the Reserve Bank. There’s the annual Cup Day board meeting and the release of its latest batch of forecasts in the quarterly Statement on Monetary Policy on Friday.

Busy is a relative term. Nothing much will change.

Interest rates will stay on hold at the record low of 1.5 per cent, as they have at every meeting since August 2016.

The key forecasts for GDP growth, inflation and unemployment over the foreseeable horizon will remain largely untouched. The glass will remain half-full at the RBA’s Martin Place HQ.

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