May 11, 2021

(Australian Associated Press)

KEY ECONOMIC FORECASTS IN 2021/22 BUDGET

(*previous forecasts in brackets)

GDP (real)

2020/21 – 1.25 per cent (0.75 per cent)

2021/22 – 4.25 per cent (3.50 per cent)

2022/23 – 2.50 per cent (2.50 per cent)

2023/24 – 2.25 per cent (2.75 per cent)

2024/25 – 2.50 per cent (n/a)

UNEMPLOYMENT RATE

2020/21 – 5.50 per cent (7.25 per cent)

2021/22 – 5.0 per cent (6.25 per cent)

2022/23 – 4.75 per cent (5.75 per cent)

2023/24 – 4.50 per cent (5.25 per cent)

2024/25 – 4.50 – per cent (n/a)

CONSUMER PRICE INDEX

2020/21 – 3.50 per cent (2.25 per cent)

2021/22 – 1.75 per cent (1.50 per cent)

2022/23 – 2.25 per cent (1.75 per cent)

2023/24 – 2.50 per cent (2.0 per cent)

2024/25 – 2.50 per cent (n/a)

WAGE PRICE INDEX

2020/21 – 1.25 per cent (1.25 per cent)

2021/22 – 1.50 per cent (1.25 per cent)

2022/23 – 2.25 per cent (2.0 per cent)

2023/24 – 2.50 per cent (2.25 per cent)

2024/25 – 2.75 per cent (n/a)

* Mid-Year Economic and Fiscal Outlook (December 2020)

Source: Treasury