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MNI BRIEF: Aussie Budget To Cut Growth Outlook, Deficit Lower

MNI (PERTH)
MNI (Perth)

High commodity prices are supporting Australia's fiscal outlook.

The Australian Treasury will downgrade its growth outlook when its releases its Budget on Oct 25, signalling a much smaller deficit than forecast by the previous government in March thanks to high commodity prices and the strong jobs market.

Growth will be trimmed to 3.25% from 3.5% for the 2022-23 fiscal year, while the growth forecast for 2023-24 will be cut to 1.­­­5% from 2.5% as higher interest rates and inflation sap household spending, according to draft figures from the Treasury. (See MNI INSIGHT: RBA Watches Calmly As Red-Hot Housing Cools)

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The Australian Treasury will downgrade its growth outlook when its releases its Budget on Oct 25, signalling a much smaller deficit than forecast by the previous government in March thanks to high commodity prices and the strong jobs market.

Growth will be trimmed to 3.25% from 3.5% for the 2022-23 fiscal year, while the growth forecast for 2023-24 will be cut to 1.­­­5% from 2.5% as higher interest rates and inflation sap household spending, according to draft figures from the Treasury. (See MNI INSIGHT: RBA Watches Calmly As Red-Hot Housing Cools)

Keep reading...Show less