MYEFO (mid year fiscal and economic update)
Treasury's revised forecast for 2019/20 economic growth is 2.25%
- compares with the 2.75% forecast in the April budget
- For 2020-21 remains at 2.75%
Wage growth forecast for 2019/20 is 2.5%
- vs. 2.75 % in April forecast
- for 2020/21 2.5% (vs 3.25% prior forecast)
Government surplus projections are lower due to weaker growth/lower tax revenue
- 2019/2020 AUD 5 bn ($7.1 billion was the forecast in the April buidget)
- 2020/21 surplus forecast 6.1bn (vs. 11.1bn prior )
Net debt forecast
AUD392bn (19.5% of GDP) for in 2019/20
- vs. prior of 361 bn (18% of GDP) projected in the April budget