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Australia will release better forecasts for growth and unemployment on Monday in its mid-year economic and fiscal outlook compared to those made in May, Treasurer Wayne Swan said Sunday.
"Tomorrow in Canberra I will release the Mid-Year Economic and Fiscal Outlook, which will update our forecasts for the coming years", Swan said in a statement. "Because of the efforts of Australians, combined with the actions taken by the Government and the Reserve Bank, our forecasts for growth and unemployment will be better, "the Treasurer said.
Swan pointed out that the budget took a big hit due to recession and challenges remained in areas like business investment and terms of trade, which would be reflected in the MYEFO. "The fact that fiscal stimulus has already peaked, and is already tapering away, means that fiscal and monetary support will continue to work together throughout the recovery", he noted.
Last week, Swan pointed out that the Australian economy was operating well below its capacity, due to sustained easing of inflationary pressures in the economy. He pointed out that private business investments would remain weak in the near term and unemployment likely to rise. Moreover, domestic income could be constrained for some period of time due to a substantial reduction in the working hours and lower terms of trade.
Official data showed last month that consumer prices rose 1.3% year-on-year in the third quarter, slower than a 5% rise recorded a year earlier." This is the lowest annual inflation rate in ten years, and shows the full impacts of the global recession continue to wash through the economy", Swan said. The jobless rate dropped to 5.7% in September from 5.8% in August, even as the Treasurer pointed out that the rate could rise in future months.
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