Westpac chief economist Luci Ellis says a sharp downturn in Australia’s housing
The market will weigh on next year’s economy far more than expected, and the Reserve
Bank of Australia may have already completed its rate-cutting cycle. A February
rate rise is not impossible, she added, but policy is clearly restrictive and
downside risks are emerging. Westpac has downgraded its 2027 forecasts for GDP,
the labor market and the housing sector.
