RBA forecasts consistent with govt: Bowen

FEDERAL Treasurer Chris Bowen says the latest central bank forecasts are totally consistent with the government's own outlook.

The Reserve Bank of Australia (RBA) released its quarterly statement on monetary policy on Friday and trimmed its growth forecast, in line with the government's latest economic update.

"This shows just how weak the opposition's approach is," Mr Bowen told reporters in Sydney.

Shadow treasurer Joe Hockey has said the government's figures can't be relied upon.

"Yet today we have the Reserve Bank coming out and releasing their statement showing figures that are entirely consistent with the government's economic statement," Mr Bowen said.

Like the government, the RBA is forecasting economic growth of 2.5 per cent in the 2013/14.

Mr Bowen said there was also "confusion and chaos" in the Liberal party over their election costings.

He said earlier this week, Mr Hockey had said he would not respect the figures in the Pre-election Economic and Fiscal Outlook (PEFO), to be released on Tuesday, and they would not be used to base their costings on.

But on Friday, Opposition Leader Tony Abbott had said the best estimate going would be PEFO and they'd be working off those figures.

"The leader of the opposition has shown he does not have confidence in the shadow treasurer's approach on how their funding will be accounted for," Mr Bowen said.

"This is yet another position on their costings."

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