Australian Treasurer Joe Hockey:

  • Softening economic outlook has resulted in significantly lower nominal GDP
  • Driven the reduction in tax receipts by more than A$37 billion over the forward estimates
  • “The softer economic outlook, coupled with changes in demand-driven programmes, has also increased payments across the forward estimates,”
  • “The fall in resources investment is expected to be sharper than previously forecast, the recovery in the non-resources sector is expected to be more gradual.”
  • Real GDP is forecast to grow at 2.5% in 2014-15, compared to 3% in the 2013 PEFO

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Earlier post here