2350 GMT - The Reserve Bank of Australia has a lot of work to do next year, Goldman Sachs economist Andrew Boak says. The bank is forecasting that the RBA will raise its official cash rate to 4.10% by May 2023 from 2.85% now, having delivered a string of monthly 25-basis-point hikes. That will complete an unusually aggressive year-long series of increases where the central bank tightened at every policy meeting. Raised borrowing costs will see GDP growth in year-average terms slow to 1.9% in 2023 and to 1.7% in 2024 from 4.0% in 2022, he says. (james.glynn@wsj.com; @JamesGlynnWSJ)

(END) Dow Jones Newswires

November 17, 2022 18:50 ET (23:50 GMT)

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