15 May 2024
BUDGET 24-25: a contested environment
Richard Yetsenga |
How will consumer confidence respond to the Australian Federal Budget? Richard Yetsenga shares his thoughts.
15 May 2024
BUDGET 24-25: the key points
The Australian Federal Budget has revealed a surplus of $9.3 billion for 2023-24, before the balance falls into deficit. In 2024-25, the forecast deficit is $28.3 billion.
The key measures in the budget include electricity bill relief for all households. There is $22.7 billion over the decade to help fund the ‘Future Made in Australia’ package. And there are a range of policy decisions around housing and infrastructure investment.
On the economy, Treasury expects gross domestic product growth of 2 per cent during 2024-25. It also expects the unemployment rate to rise to 4.5 per cent by the June quarter 2025.
Treasury has also forecast the inflation rate will return to 2.75 per cent by June 2025.
Adam Boyton is the Head of Australian Economics at ANZ
This article originally appeared on ANZ Institutional
The views and opinions expressed in this communication are those of the author and may not necessarily state or reflect those of ANZ.
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In Charts: Inflation drivers for 2024
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Rate cuts later this year are possible but dependant on the easing of domestic price pressures