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Budget Strategy and Outlook
This Budget sets out the next stage in the Government’s economic plan to get Australia through COVID-19. It secures Australia’s recovery by creating jobs, guaranteeing the essential services and building a more secure and resilient Australia. It builds on Australia’s successful management of the pandemic which was supported by an unprecedented $311 billion in health and economic support. As a result the economy is recovering strongly from its first recession in almost 30 years, growing at its fastest pace on record over the latter half of last year and outperforming all major advanced economies in 2020. Labour ... (full story)
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Australia Sees 2021/22 Budget Deficit At AUD106.6Bln Vs AUD108.5Bln Deficit Projected In December
— LiveSquawk (@LiveSquawk) May 11, 2021
Forecasts Budget Deficits Out To 2024/25 Led By Fiscal Support To Help
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Australia Net Debt Seen At 34.2% Of GDP At June-2022 Before Peaking At 40.9% Of GDP In 2024/25
— LiveSquawk (@LiveSquawk) May 11, 2021
GDP Growth Seen At 4.25% In 2021/22, 2.5% In 2022/23, 2.25% In 2023/24, 2.5% In 2024/25
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Australia Unemployment Rate Seen At 5% In 2021/22, 4.75% In 2022/23, 4.5% In 2023/24 And 2024/25
— LiveSquawk (@LiveSquawk) May 11, 2021
CPI Inflation Seen At 1.75% In 2021/22, 2.25% In 2022/23 And 2.5 In 2023/24 And 2024/25
Wages Growth Of Under 3% Seen Throughout The Forecast Period
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Federal Budget 2021: Five-minute guide to Morrison Government’s ‘pandemic’ budget
Securing Australia’s economic recovery is at the heart of the Morrison Government’s second pandemic Budget, which will pump billions of dollars into infrastructure and skills, aged care and mental health. With the initial shock of the coronavirus crisis over and the economy having recovered faster than expected, Treasurer Josh Frydenberg has turned his attention to creating jobs to drive the unemployment rate below 5 per cent, from the current rate of 5.6 per cent. But with the Budget assuming international travel will remain off the cards until mid-2022 and COVID-19 outbreaks still triggering snap lockdowns, ... (full story)