- 2013/14 budget deficit A$ 30.1bn (estimate in May was A$18bn)
- 6.25% unemployment rate forecast bu July 2014 (vs. 5.75% seen in May)
- Sees 2016/17 surplus of A$4bn vs. A$6.6bn seen in May
- Cuts 2013/14 growth to 2.5% vs. May estimate at 2.75%
- Terms of trade expected to fall 5.75% in 2013/14 and then another 3.75% in 2014/15 (already fallen 10.5% in 2012/13)
- Australian government confirms new bank deposit levy to begin in 2016
These are broadly in line with the earlier leaked figures
Link to full text: ECONOMIC STATEMENT
AUGUST 2013
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AUD/USD tested below 0.8900 on the official confirmation, but since the news had already leaked its bounced back above 0.8900 quite quickly.
