- Sees underlying cash deficit at A$30.1bn
- Return to surplus in 2016-17
- See economy growing 3% in 2014-15
- 2014-15 underlying cash deficit $A24bn
- Sees return to trend growth in 14 – 15
- Sees global growth at 3% in 2013
- Sees terms of trade falling 5.75% in 2013-14
- falling 3.75% in 2014-15
- Sees employment growth at 1% year-to-June quarter
- Sees unemployment rate up to 6.25% in June quarter of 2014
- Says iron ore, coal investment past peak
This from Treasury’s PEFO (Pre-election Economic and Fiscal outlook statement).
There is little-change from the economic statement published by the government just a few days ago.
No change in budget balance for 2013-14, 2014-15 and 2015-16 but the 2016-17 budget surplus is projected to be slightly higher at $A4.2 bln vs $A4.0 bln in the economic statement.
In short, this was all pre-empted by the government a few days ago and the impact on markets is thus minimal.