Australia’s prospects of entering a recession have decreased as the RBA decision to stop an 11-month cycle of tightening monetary policy has helped the country’s economic outlook.

The median forecast for a downturn is now 35%, down from 40% ast month. A 35% possibility was anticipate by responders from AMP Capital Markets & the Commonwealth Bank of Australia.

Nomura Holdings (NYSE:NMR) Inc., Barrenjoey Market Pty Ltd. And Credit Suisse Group AG estimate the risk to be 60% at the high end of the range

The RBA held borrowing costs constant this month, following ten straight increases that raised the cash rates to 3.6 percent from 0.1% in May.

Australia’s cautious stance is helping the local housing markets which is seeing signs of stabilising after year of falls.

According to AMP’s Shane Oliver, Australia is likely to avoid recession “due to strong business investments, Chinese reopening, and provided the RBA soon stops hiking