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ARTICLE · 12 MAY 2011

2011 Australian Federal Budget Economic Implications

Moore Australia
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Key economic forecasts released by Treasury from the 2011 Budget. Treasury projections remain very much influenced by the extraordinary resources boom driving record commodity prices and unprecedented levels of investment in mining and energy.

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Key economic forecasts released by Treasury from the 2011 Budget are as follows:

Brief Overview

  • The 2010/11 Budget deficit is expected to be $49.4 billion or 3.6% of GDP. This is $8.6 billion higher than originally forecast. A deficit of 1.5% of GDP is forecast for 2011/12 and then a return to surplus (+0.2% of GDP) in 2012/13.
  • Domestic natural disasters, coupled with the events in Japan and earthquakes in New Zealand are expected to reduce growth by 0.75% this financial year.
  • Growth is then forecast to strengthen to 4% in 2011/12 and 3.75% in 2012/13, again led by a record level of investment in the resources sector and continuing demand from China and other trading partners.

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