Global financial institution predicts GDP will grow to just 1.6% in 2027 as Treasury faces rising energy costs and inflationFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastThe International Monetary Fund has downgraded its forecast for Australia’s economic growth in 2027, warning that the Reserve Bank may have to hike interest rates further to get price pressures back under control.The IMF also called on federal and state governments to tighten their belts, with a new report saying more disciplined budgets will rein in rising debt burdens and help solve Australia’s long-running inflation problem. Continue reading...