Growth outlookMost economists are discounting an interest rate rise when the RBA meets next month despite the latest greater-than-expected CPI rise, arguing that growth appears to be slowing which will relieve inflationary pressures. The problems in the US housing market quickly spread around the world, forcing the IMF to lower its global growth estimates for this year. ANZ chief economist Saul Eslake says he does not subscribe to the “peak oil” theory but is concerned that supply is not keeping up with demand, meaning prices will remain high and could even go higher. The International Energy Agency estimates that global demand or oil grew by 1 million barrels a day last year, while supply remained flat. read more