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ARTICLE · 16 MAY 2013

Federal Budget 2013-14: The Big Picture

Moore Australia
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The Australian economy outperforms most of the developed world and should transition to non-resource drivers of growth.

AustraliaGovernment, Public Sector
Stephen O'Flynn
Stephen O'Flynn
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The Australian economy is expected to transition to non-resource drivers of growth.

Economic outlook

The Australian economy continues to outperform most of the developed world despite difficult global conditions, household caution and the sustained high dollar, which are all weighing heavily on prices and profits across the board and reducing budget revenues.

The economy is expected to undergo two significant transitions over the forecast period to 2016-2017:

  • the resources sector will transition away from the labour intensive investment phase towards growth in production and exports; and
  • more broadly, the Australian economy is expected to transition to non-resource drivers of growth.

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