"Inflation risks are minimal, growth is below trend amid an income squeeze and housing prices are becoming less of a concern for the RBA," it said. "Yet we see interest rates on hold rather than necessarily heading lower."

It argues the lower currency has taken pressure off the central bank needing to cut interest rates, amid caution about allowing rates to fall too low. "Central banks such as the RBA worry more about rates being too low than they do about them being too high," it said, "and in part it is because cheap global funding means the banks are already cutting rates anyway."

"The best news for global growth isn't the falling cost of energy and industrial inputs - rather it lies in a resurgent US, whose recovery is roaring," the report said, and which is more important than the positives from the fall in the oil price and industrial imports.

Those positives, however, need to be balanced against Japan's lurch into recession, the spread of deflation and stagnation risks in Europe and the transition underway in China and India.

"Assuming these risks are caveats rather than costly hits to global prospects, that should keep trading partner growth on track for modest gains, albeit subject to rising risks," Deloitte's said in the report.

Domestically, lower commodity prices have weakened the economy, resulting in few businesses having any pricing power. With wage gains also at record lows, this is keeping inflation at bay. And while the lower Australian dollar may have some pressure on prices, this will be offset by the impact of the lower oil price, the survey noted.

"Australia's trade accounts have been mugged by commodity price reality," the survey noted, with the dream in some quarters that the surge in commodity exports would result in trade surpluses "is now truly toast". Almost the anomaly in the economic outlook is unemployment.

"Job gains have lifted a bit at the same time that population growth has slowed and baby boomer retirement has accelerated," the Deloitte Access forecast noted. "That mix says unemployment may soon peak... But don't break out the bubbly yet as the early peak in unemployment will be partly due to weakness in worker supply (fewer migrants, more retirees) rather than solely due to demand strength (employers hiring)."

By state, NSW will continue to expand thanks to lower interest rates and the fall in the currency, with these two factors to also give Victoria a fillip, although it has to negotiate the challenges to both manufacturing and housing construction. The dive in the oil price is a blow to Queensland's prospects, as the drought continues to sap some of the good news from the decline in the dollar, the survey noted.

"No wonder the state's population growth has dropped below Australia's for the first time in many decades."