• 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.