Economy to continue to contract in 2020/21

(Australian Associated Press)

 

KEY ECONOMIC FORECASTS IN 2020/21 BUDGET

(Previous forecasts in brackets)

GDP

2020/21 – minus 1.5 per cent (* minus 2.5 per cent)

2021/22 – 4.75 per cent (# 3.0 per cent)

2022/23 – 2.75 per cent (# 3.0 per cent)

2023/24 – 3.0 per cent (n/a)

UNEMPLOYMENT RATE

2020/21 – 7.25 per cent (* 8.75 per cent)

2021/22 – 6.5 per cent (# 5.0 per cent)

2022/23 – 6.0 per cent (# 5.0 per cent)

2023/24 – 5.5 per cent (n/a)

CONSUMER PRICE INDEX

2020/21 – 1.75 per cent (* 1.25 per cent)

2021/22 – 1.5 per cent (# 2.5 per cent)

2022/23 – 1.75 per cent (# 2.5 per cent)

2023/24 – 2.0 per cent (n/a)

WAGE PRICE INDEX

2020/21 – 1.25 per cent (* 1.25 per cent)

2021/22 – 1.5 per cent (# 2.75 per cent)

2022/23 – 2.0 per cent (# 3.0 per cent)

2023/24 – 2.25 per cent (n/a)

* July Economic and Fiscal Update

# Mid-Year Economic and Fiscal Outlook (December 2019)

Source: Treasury

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