Jul 27, 2020
Welcome to Finance and Fury
Budget came out last week – this episode – go through the fiscal overview and the policy measures in it
Fiscal overview – provided updates on the government budget position and economic updates
The economic and fiscal outlook remains highly uncertain. The Government will provide forecasts and projections over the forward estimates period and medium term in the 2020‑21 Budget, to be delivered on 6 October 2020.
Table 1.2: Major economic parameters(a)
|
Outcome |
Forecasts |
|
2018‑19 |
2019‑20 |
2020‑21 |
|
Real GDP |
2.0 |
‑ 1/4 |
‑2 1/2 |
Employment(b) |
2.5 |
‑4.4 |
1 |
Unemployment rate(b) |
5.2 |
7.0 |
8 3/4 |
Consumer price index |
1.6 |
‑ 1/4 |
1 1/4 |
Wage price index |
2.3 |
1 3/4 |
1 1/4 |
Nominal GDP |
5.3 |
2 |
‑4 3/4 |
Key policy measures – This is a delayed budget – not like a normal budget - A lot of it is specific to Covid – like health and stimulus to sectors of the economy
Reopening recovery
Support for businesses and employers -
Infrastructure and housing sector spending -
Covid specific policies -
Supporting the flow of credit
This budget is more retrospective in a way – update on what has been happening and what will happen to existing payments or policies – not like a normal budget that focuses on forward plans over the next few years – contains spending over the next year –
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