Economic growth over the four years to 2025/26 is likely to be slower than predicted ahead of the May federal election, due to global challenges, high inflation and higher interest rates.
KEY ECONOMIC FORECASTS IN 2022/23 BUDGET
GDP (real, versus coalition March budget forecasts)
2022/23 – 3.25pct (3.50pct)
2023/24 – 1.50pct (2.50pct)
2024/25 – 2.25pct (2.50pct)
2025/26 – 2.50pn (2.50pct)
UNEMPLOYMENT RATE
2022/23 – 3.75pct (3.75pct)
2023/24 – 4.50pct (3.75pct)
2024/25 – 4.50pct (3.75pct)
2025/26 – 4.25pct (4.00pct)
CONSUMER PRICE INDEX
2022/23 – 5.75pct (3.00 pct)
2023/24 – 3.50pct (2.75pct)
2024/25 – 2.50pct (2.75pct)
2025/26 – 2.50pct (2.50pct)
WAGE PRICE INDEX
2022/23 – 3.75pct (3.25pct)
2023/24 – 3.75pct (3.25pct)
2024/25 – 3.25pct (3.50pct)
2025/26 – 3.50pct (3.50pct)
Source: Treasury
(Australian Associated Press)
