KEY ECONOMIC FORECASTS
Economic development is about to greater than halve in 2023/24 earlier than selecting up within the following three years, as Australia continues to really feel the affect of weak situations offshore.
But there’s higher news on inflation, which is predicted to lastly return to the Reserve Bank of Australia’s most well-liked two to a few per cent goal band in 2024/25.
The following forecasts are in comparison with Labor’s price range papers for the 2022/23 monetary yr launched in October.
GDP (actual)
* 2022/23 – 3.25pct (*3.25pct)
* 2023/24 – 1.50pct (*1.50pct)
* 2024/25 – 2.25 (*2.25pct)
* 2025/26 – 2.75 (*2.50pct)
* 2026/27 – 2.75 (n/a)
UNEMPLOYMENT RATE
* 2022/23 – 3.50pct (*3.75pct)
* 2023/24 – 4.25pct (*4.50pct)
* 2024/25 – 4.50pct (*4.50pct)
* 2025/26 – 4.50pct (*4.25pct)
* 2026/27 – 4.25pct (n/a)
EMPLOYMENT GROWTH
* 2022/23 – 2.50pct (*1.75pct)
* 2023/24 – 1.00pct (*0.75pct)
* 2024/25 – 1.00pct (*1.00pct)
* 2025/26 – 1.75pct (*1.25pct)
* 2026/27 – 1.75pct (n/a)
CONSUMER PRICE INDEX
* 2022/23 – 6.00pct (*5.75 pct)
* 2023/24 – 3.25pct (*3.50pct)
* 2024/25 – 2.75pct (*2.50pct)
* 2025/26 – 2.50pct (*2.50pct)
* 2026/27 – 2.50pct (n/a)
WAGE PRICE INDEX
* 2022/23 – 3.75pct (*3.75pct)
* 2023/24 – 4.00pct (*3.75pct)
* 2024/25 – 3.25pct (*3.25pct)
* 2025/26 – 3,25pct (*3.50pct)
* 2026/27 – 3.50pct (n/a)
Source: Treasury
Source: www.perthnow.com.au
