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The change in forecast is due to high commodity prices, a strong jobs market and a rise in net migration. [9] A return to a $13.9bn deficit is expected in the following financial year. [10] Another deficit of $36.9bn or 1.3% of Gross Domestic Product (GDP) is forecast for 2025-26 and then a decline to $28.5bn in the following year. [10]
Australia similarly had its growth forecasts bumped up by 0.2 percentage points in 2024 with the agency expecting Australia's economy to expand 1.4% in 2024 and 2.1% in 2025.
The Reserve Bank of Australia reduced the cash rate by a quarter percentage point from 4.35% to 4.1% at its first board meeting for the year. The cut was widely anticipated after inflation rose only 0.2% in the December quarter and 2.4% for calendar 2024. Annual inflation peaked at 7.8% two years earlier.
The annual deficit was originally thought to grow to A$42.8 billion for 2025–26, however that figure was revised to A$34.5 billion (representing A$8.3 billion in improvements), and is further predicted to decrease to A$10.1 billion by 2027–28. [16] [1]
Australia's government is expected to boast another surplus in its annual budget due on Tuesday, courtesy of strong employment and high commodity prices, giving it cash to afford more cost of ...
Inflation is cooling to 2.4%, and interest rates are shifting, too. Which means 2025’s financial landscape is going to look different from the past few years. Given these conditions, here’s ...
20 January – Australia retains the Women's Ashes after they defeat England by 57 runs at the SCG.in the first Women's Twenty20 International. [123] 23 January – Australia wins the second Women's Twenty20 International at Manuka Oval in Canberra, with Australia winning by six runs under the DLS method in a rain affected match. [124] 25 ...
2. Stubbornly high inflation causes investor angst. Inflation has declined significantly from its post-pandemic highs. However, I predict it will remain stubbornly high in 2025 and cause angst for ...