Australian Mid-Year Economic and Fiscal Outlook (MYEFO) out now
We got the RBA December Minutes a little earlier today:
- RBA Minutes: "No significant surprise ... slightly more upbeat .. firmer growth"
- RBA December Minutes: AUD adjusting to significant declines in commodity prices
and now it's the MYEFO!
- Sees 2015/16 budget deficit at AUD37.4 bln vs A$35.1 bln seen in May
- Sees net debt peaking at 18.5% of GDP in 2017/18
- Sees CPI inflation at 2% in 2015/16, then 2.25 pct in 2016/17
- Australia sees GDP growth at 2.5% in 2015/16, 2.75% in 2016/17, 3.0% through to 2018/19
- Sees unemployment at 6% in 2015/16, 5.75 pct by 2017/18
- Sees 2016/17 budget deficit at A$33.7 bln, 2017/18 deficit at A$23 bln, 2018/19 deficit at A$14.2 bln
Falling revenues from falling commodity prices (iron ore chiefly cited) cited as a reason for the deterioration in the budget position since May
AUD ... barely changed