inflation at close to 8 per cent means price rises in goods and services will more than double the pace of wages towards the end of 2022 before picking up pace next year.Annual wages growth is forecast to hit 3.75 per cent financial 2023 and remain at that level over financial 2024, at which point Dr Chalmers expects Australians to again start to experience real wages growth.
However, soaring commodity prices, including iron ore, coal and liquefied natural gas, drove forecasts for nominal GDP – a measure of national income – much higher. The outlook for 2022-23 was upgraded from 0.5 per cent growth to 5.25 per cent, while 2023-24 was downgraded from 3 per cent to 0.25 per cent as the budget assumes prices return to long-run averages.
“Because only by facing up to these challenges can we transform them into opportunities. And this time of great challenge for our country is also a time of great opportunity.”On the budget, Dr Chalmers said he expected the final budget outcome for 2021-22 to show significant improvements because of record high iron ore, coal and liquefied natural gas prices over the past financial year.
Assistant Treasurer Stephen Jones also revealed on Tuesday a further $1 billion would need to be spent on the government’s business registry IT program,“And we know that vital government programs, which are already growing faster than the economy, have upside risks on spending growth,” Dr Chalmers said.
biz is pushing gov to hike migrants intake when recession hits b4 Xmas then they would go on the dole Cooks baristas hair dressers r not in shortage Many Chinese with unqualified hair salons Farm ®ional visas r being abused
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