AU Mid-Year Economic and Fiscal Outlook

The Mid‑Year Economic and Fiscal Outlook strengthens the budget, reduces debt and continues the Government’s responsible approach to economic and fiscal management. The figures show a stronger budget position compared to the election and a much stronger budget compared to what we inherited from our predecessors. This is the only mid‑year update on record that has delivered a better bottom line every year of the forward estimates, less debt in every year of the forward estimates and net policy decisions that improve the bottom line. ...

Among those poring over today’s release of the Albanese government’s midyear budget scorecard will be Reserve Bank economists and those millions of borrowers holding out for early interest rate relief. Here are some of the key economic takeaways from the midyear economic and fiscal outlook: 1. Lower growth forecasts will trigger cascading revisions: The weaker-than-predicted third-quarter gross domestic product (GDP) growth result was probably the nadir in this part of the budget cycle, with annual expansion running at a 0.8% pace. ...

The 2023‑24 Mid‑Year Economic and Fiscal Outlook (MYEFO) is all about responsible economic management because that’s the best way to put downward pressure on inflation and ease cost‑of‑living pressures. This responsible economic management has helped engineer an historic turnaround in the Budget position, but we know there’s more work to do. Our three‑part economic plan is to ease cost‑of‑living pressures, repair the Budget and invest in the foundations of future growth. We know people are struggling and our economy is slowing, which ...

The federal budget is headed for a small $1.1 billion deficit this financial year, according to the update released by Treasurer Jim Chalmers and Finance Minister Katy Gallagher on Wednesday morning. This is an improvement of $12.8 billion compared to the deficit forecast in the May budget. It suggests the final figure for the financial year might end up a surplus. If so, that would be the second year the Albanese government delivered a surplus. Anxious to continue the fight against inflation, the government has not used the update ...

The government has set aside an election war chest from $15.9bn in mystery spending in a mid-year budget update that warns of significant economic risks ahead. But despite the treasurer hailing an “incredible” set of job numbers, which shows Australia’s unemployment rate will fall comfortably below 5% next year, the government is holding off the task of budget repair until “economic recovery is secure”. “These gains are not yet locked in,” Josh Frydenberg said on Thursday as he announced the mid-year economic and fiscal outlook ...

Australian Finance Minister Mathias Cormann discusses the government’s mid-year budget and his outlook for the Australian economy. He speaks on “Bloomberg Daybreak: Asia”

A surge in mining industry profits and tax revenue have boosted Commonwealth coffers and allowed the Federal Government to forecast a bigger-than-expected surplus next year. The Government has received $8.3 billion more than it expected in the first half of this financial year, thanks largely to greater collections of individual and company taxes. It now expects to deliver a $4.1 billion surplus in 2019-20. The Government Mid-Year Economic and Fiscal Outlook (MYEFO) projects wage growth below forecasts from the May budget. The ...