Processing now, thanks for your patience

Economic growth forecast for Australia

Key pillars

The key pillars of the 2017 Federal Budget are:

  • guaranteeing essential government services
  • easing pressure on the cost of living
  • building on the Government’s plan for economic growth and jobs

Major economic forecasts from the Federal Budget

There have been encouraging signs that the global economy will strengthen over the coming years. For Australia the major economic forecasts of the Budget for the fiscal year 2017-18 include:

  • The Budget deficit will reduce slightly from $37.6 billion (2.1% of GDP) in 2016-17 to $29.4 billion (1.6% of GDP) in 2017-18, then significantly reducing to $2.5 billion (0.1% of GDP) in 2019-20. The Budget is expected to return to surplus in the following year

  • Real GDP growth of 2.75% for 2017-18 projected to increase to 3.0% for 2018-19 and remaining steady at that rate for the forecast period

  • Unemployment is expected to decline in 2017-18 to 5.75% and decline further to 5.25% by 2020-21

  • CPI growth of 2.0% for 2017-18 and increasing slightly to 2.25% in the flowing year 2018-19 and 2.5% the year after.

Understanding the changes

There were many things announced in the 2017 Federal Budget. It’s important to see a financial planner to understand what these changes mean for you. Just call 1800 620 305 for an obligation-free appointment with a StatePlus planner.

Find a Seminar
A great way to learn all the ins and outs of retirement planning.
July 1 Super Changes

Superannuation rules are changing July 1st. Find out how changes will affect you.

Prepare for retirement
Retirement planning starts with a single question: What do I want my retirement to be like?
Empower your retirement
Have you stopped to think about how you’d like to spend your retirement?

Aware Super Pty Ltd ABN 11 118 202 672, AFSL 293340, the trustee of Aware Super ABN 53 226 460 365. Financial planning services are provided by our wholly owned financial planning business Aware Financial Services Australia Limited, ABN 86 003 742 756, AFSL No. 238430.

This information is of a general nature only and is not specific to your personal objectives, personal situation or needs. Before making any decisions based on this information you should consider its appropriateness to you. Every effort has been made to ensure the information is accurate. We strongly recommend that you consult a financial planner before taking action and review the relevant Product Disclosure Statement.

Past performance is not an indicator of future performance and future performance is not guaranteed.