1/11/2024 0 Comments Federal government budget 2016The forecast for 2016–17 nominal GDP, while The forecast for 2015–16 has been further downgraded in theĢ016–17 Budget to 2.5 per cent. Between the 2015–16 Budget andĢ015–16 MYEFO, nominal GDP was forecast to fall in 2015–16 from 3.25 per cent Nominal GDP have been downgraded (table 2). It is against this global backdrop that the 2016–17 Budget Given the international headwinds and fragility, this is anĪchievement of which we should all be proud. We are growing more than twice as fast as Canada,įaster than New Zealand and Singapore, and matching it with economies like World’s major advanced economies, faster than the United Kingdom, the United As noted by the Treasurer:Īt three per cent, our economy has grown faster than the ĭespite these concerns, the Australian economy is performing Political systems, fuelling scepticism about economic integration, as well asĮU governance, and potentially hindering policymakers’ ability to respond toīoth legacy and emergent economic challenges. In Europe, the surge of refugees is presenting majorĬhallenges to the absorptive capacity of EU labour markets and testing International tensions, with increased disruptions in trade, tourism, andįinancial flows. The Middle East, as well as in Ukraine, could further heighten domestic and The incidence of armed conflicts and terrorist acts has The IMF expressed concerns that there are a number of Productivity in many advanced economies as well as the possibility of renewed Level of uncertainty due to risks of low inflation, wages growth, and More generally though, there remains a significant Government, Budget strategy and outlook: budget paper no. 1:ĭespite the forecast strong growth figures for China,Ĭoncerns remain about the Chinese economy as it transitions towards aīroad-based consumption economy. Government, Budget strategy and outlook: budget paper no. Table 1: International GDP growth forecasts Treasury forecasts are presented below in table 1. Growth, with the IMF forecasting global growth at 3.5 per cent in 2017. Both Treasury and the IMF are optimistic about future potential The IMF and GDP growth of 2.5 per cent compares favourably with other advancedĮconomies. Australia is not alone in having been downgraded by The IMF has downgraded Australia’s GDP for 2016 from 3.2 per cent in April 2015 To be 3.5 per cent in 2015 and 3.2 per cent in 2016. The International Monetary Fund (IMF) forecast global growth Inflation returning to target over time, would be improved by easing monetary Overall, the Reserve BankĬonsidered that ‘prospects for sustainable growth in the economy, with Reduction of the cash rate to 1.75 per cent. Was prorogued with the calling of an election.īetween the finalisation of the Budget - butīefore its delivery - the Reserve Bank of Australia announced a 25 basis point The Supplyīills were introduced as it was unlikely that there would be sufficient time toĭebate and pass the Budget (that is, the Appropriation Bills) before Parliament With that in mind, the Government introduced Supplyīills into Parliament to ensure the continued funding of government programsĪnd activities for approximately five months beyond 1 July. Prime Minister had signalled an intention to call a double dissolution election The 2016–17 Budget was unusual in that the Daniel Weight Paul Davidson Adrian Makeham-Kirchner David Watt Ilona Bartsch Hannah GobbettĮconomics Foreign Affairs Defence and Security Social Policy and Politics and Public Administration Sections
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