The wheels keep turning slowly on the economy’s recovery, seemingly slower than anticipated, with growth forecasts revised down. As we surmised in our Autumn 2025 QEB.
“All considered, the economic recovery will be supported by lower interest rates, but we expect the pace of the recovery to be more gradual than expected, with a downside risk that it may disappoint near-term.”

Over a quarter later, this is what we see eventuate.