The Australian treasurer, Jim Chalmers, presented on Tuesday Labor’s first budgetwith the main forecasts indicated below.
The Australian Government forecasts a CPI of 5.75% in 2022-23.
The Government expects the CPI to return to the RBA band in 2024-25.
The Government forecasts GDP growth of 3.25% in 2022-2023.
The Government forecasts GDP growth of 1.25% in 2023-2024.
The Government forecasts unemployment of 4.5% in 2023-2024.
market reaction
AUD/USD broke out of its downward consolidation range following the budget release, and is now retesting the 0.6300 level. The pair is bearing the brunt of risk aversion flows seeping back into the markets, despite upbeat sentiment data out of Germany. Meanwhile, the US dollar is struggling to find demand, putting additional downward pressure on the Aussie.
Source: Fx Street
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