Australia’s economic growth has outstripped expectations, a new forecast has found.
The Australian Bureau of Statistics has released its annual Budget Outlook, which forecasts the economic performance of the economy over the next 12 months.
It has also revealed a big boost to the nation’s credit rating.
Budget Outlook Australia: What we know and what we need to know more This year’s Budget Outlook has been released on the day of the Commonwealth Heads of Government meeting.
Prime Minister Malcolm Turnbull, Treasurer Scott Morrison, Treasurer Josh Frydenberg, Finance Minister Mathias Cormann, Treasurer Wayne Swan, Finance Spokesperson Chris Bowen and National Treasurer Scott Emerson will all speak about the economy at the meeting.
Key points:The Budget Outlook is a forecast of economic growth in the next two yearsThe Government will announce the economic forecasts on TuesdayThe economic outlook is based on the latest data on gross domestic product, inflation and household disposable incomeThe economic forecasts are not expected to change significantly over the coming year, but the outlook is expected to be slightly weaker than expectedThe forecast is for GDP to grow by 2.1 per cent this financial year, the same as the previous year.
But it is forecast to grow 2.9 per cent in 2018 and 2.5 per cent 2019.
That is down from the previous forecast of 3.3 per cent growth in 2019.
The forecast forecasts a strong recovery in real disposable income growth.
This will be driven by the strong increase in the number of Australians with earnings that are below the national median income, which is set to be $65,000 in 2019-20.
The Federal Budget is due to be delivered in the early hours of Wednesday morning, which will be followed by the release of the Government’s quarterly economic statement.
The forecast of the economic outlook includes the following key items:The economic forecast is a snapshot of the state of the Australian economy at a given time.
It does not reflect any forecast for future economic developments, and will not be changed.
The economic performance forecast is based largely on current data, but includes other measures of economic performance as well.
The outlook is a reflection of the outlook the Government has laid out for economic performance in the coming financial year.
In the budget update, the Government says it will provide the Parliament with a “more comprehensive forecast” of the nation�s economic performance over the forecast period.
In particular, it will include a new framework for forecasting economic growth and inflation, and new measures to measure household disposable incomes and inflation.
The Budget Update is due on Tuesday. “
The Government has also undertaken the task of updating its economic forecasts to provide a more comprehensive and more accurate forecast of Australia�s economy in the years ahead.”
The Budget Update is due on Tuesday.
While the economic forecast does not have the same level of detail as the budget, it still provides a good snapshot of Australia’s financial performance and the economy�s progress towards the end of the forecast.