Treasury secretary discusses key economic data

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THE AUSTRALIAN ECONOMY

* The Australian economy expanded by 3.6 per cent in 2022, driven by a post-pandemic rebound in consumer spending

* Demand is easing, with global growth set to be the weakest in two decades, outside the GFC and pandemic

* In a positive development, China is expected to grow by 5.75 per cent in 2023

* Dwelling investment is expected to contract 2.5 per cent this year, 3.5 per cent in 2023/24, and 1.5 per cent in 2024/25

* The slower pace of growth in domestic demand is projected to take GDP growth from 3.25 per cent in 2022/23 to 1.5 per cent in 2023/24

* The economy is forecast to expand by 2.25 per cent in 2024/25 and 2.75 per cent in 2025/26, largely driven by a recovery in household spending

* Average national retail electricity prices are forecast to rise by about 10 per cent in 2023/24, lower than the November 2022 estimate of 36 per cent without the government’s intervention

* Retail gas prices are expected to rise by four per cent in 2023/24, compared with the October budget projection of 20 per cent

* Growth in the wage price index is expected to reach 3.75 per cent through the year to the June quarter of 2023 and four per cent through the year to the June quarter of 2024, the fastest nominal wage growth since 2009

 

Paul Osborne
(Australian Associated Press)

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