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  HOME | Business & Economy (Click here for more)

Australia Lowers Growth Forecast to 2.5%

SYDNEY – The Australian economy will grow at 2.5 percent in the 2017-18 financial year, down 0.25 percent from the forecast in May, Treasurer Scott Morrison announced on Monday.

The forecast was announced in the Mid-Year Economic and Fiscal Outlook, which also predicts that the country’s GDP will grow at 3 percent in the next financial year between July 1, 2018-June 30, 2019.

The treasurer attributed the downward revision to the moderate wage growth and weakening of private consumption, according to a statement.

The report anticipates a budget deficit of AU$23.6 billion ($18.07 billion) in the current financial year.

It also indicates that nominal payments have decreased by a total of AU$6.5 billion.

The Treasury department confirmed that the Australian budget is on track to return to a surplus of AU$10.2 billion by the 2020-21 fiscal year.

The projected surplus in 2020-21 represents a AU$2.7 billion improvement compared with the May estimate.

 

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