Australian Treasurer Jim Chalmers presents the country’s 2023/24 (July-June) budget released on Tuesday, with the main highlights below.
The government plans a budget surplus in 2022/23 of 4.2 billion Australian dollars, 0.2% of GDP.
The government plans a budget deficit for 2023/24 of 13.9 billion Australian dollars, 0.5% of GDP, and for 2024/25 of 35,100 million Australian dollars, 1.3% of GDP.
Net debt of 22.3% of GDP in 2023/24, 23.5% in 2024/25 and 24.0% in 2025/26.
forecast of the consumer price inflation of 3.25% in 2023/24, 2.75% in 2024/25 and 2.5% in 2025/26.
The energy relief plan is expected to reduce CPI inflation by 0.75% by the second quarter of 2024.
growth of Forecast GDP of 1.5% in 2023/24, 2.25% in 2024/25 and 2.75% in 2025/26.
Projected unemployment rate of 4.25% in 2023/24, 4.5% in 2024/25 and 4.5% in 2025/26.
Increases the population growth forecast to 2.0% in 2022/23 and 1.7% in 2023/24.
Increases the price of iron ore to $60 a ton, metallurgical coal to $140, thermal coal to $70, and LNG to $10.
Source: Fx Street
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