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CommBank’s Chief Economist Stephen Halmarick discusses the highlights of the May 2023–24 Federal Budget and what they mean for various industry sectors.
In a time of slowing economic growth and moderating inflation the 2023-24 Federal Budget improves the Government’s deficit and debt profile. It delivers targeted funding to support Australians experiencing cost of living pressures and helps to progress the Government’s policy agenda. As economic growth slows in the year ahead, the Budget may see some benefit from a larger workforce.
CommBank economists say the expected surplus in the 2022-23 Federal budget will help to moderate the inflation pulse running through the Australian economy. For 2023-24, lower inflation from the energy price relief is expected to be offset by increased government spending. Our inflation forecasts are unchanged. We expect to see a return to inflation within the 2% to 3% target range by mid-2024 together with slowing economic growth in the year ahead and higher unemployment.
CBA's Chief Economist says:
Chief Economist, Stephen Halmarick unpacks what the Federal Budget means for individuals, different sectors and businesses and Australia.
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