Australian Treasury: CPI inflation to reach 2.5% target in 2025/26
Australian Treasury presented the Mid-year Economic and Fiscal Outlook (MYEFO) on Wednesday, with the key highlights noted below.
2023/24 budget deficit at a$1.1 bln vs a$13.9 bln projected in May.
Budget deficit projected at a$18.8 bln in 2024/25, deficit a$35.1 bln 25/26.
Sees GDP growth in 2023/24 1.75%, 2024/25 2.25%, 2025/26 2.5%.
Sees unemployment rate at 4.25% in 2023/24 and 4.5% to 2025/26.
Sees CPI inflation at 3.75% in 2023/24, 2.75% in 2024/25, 2.5% in 2025/26.
To ensure fiscal and monetary policy settings are aligned, help ease inflationary pressures.
Sees net migration slowing to 375,000 in 2023/24, 250,000 in 2024/25.
Sees iron ore declining to $60 tonne, metallurgical coal $140 tonne, thermal coal $70 tonne.
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Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
