Reserve Bank downgrades economic growth, sees 7.75pc inflation spike but upbeat on jobs

The Reserve Bank is predicting a dramatic slowdown in economic growth as the global outlook slides in the face of surging inflation and the war in Ukraine.

At the same time, the RBA is tipping the jobless rate too fall to a new 50 year low suggesting that all going well Australia's economy will avoid falling into a recession.

Here's my report from RBA headquarters in Sydney

I was joined at the Reserve Bank by my ABC colleague Michael Janda who reported live for the ABC News Channel