Chief Market Strategist at InvestSMART Evan Lucas says “we are possibly seeing the forecast for what is going to be one of the slowest growth periods since the GFC”.
Treasurer Josh Frydenberg revised down the next four years of projected budget surpluses due to a slowing economy wiping $22 billion from the government’s May forecast.
Mr Lucas told Sky News the government “remains prudent” with regards to how it is managing the economy, but its “expectations” for 2019-2020 and 2020-2021 “had someone like me really sitting up and thinking ‘wow’”. The Mid-Year Economic and Fiscal update, released on Monday, revealed the economic outlook was worse than expected, with growth forecast for wages and the economy also drastically downgraded.
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