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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Economic report forecasts 'one of the slowest growth periods since the GFC' | Sky News AustraliaChief 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”.\n\nTreasurer 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. \n\nMr 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’”. \n\nThe 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.\n\nImage: News Corp Australia
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Push for aged care funding boost | Sky News AustraliaAged care operators are calling for a federal funding boost with growing fears many are facing financial collapse. \n\nUp to 15 per cent of providers could be forced to close if their finances do not improve before July. \n\nA coalition of aged care charities, including Uniting Care Australia want to use the funds to build the aged care workforce. \n\nThere were also calls for the government to include community infrastructure strategies in their drought response, to help aged care services in rural areas. \n\nThe Federal Treasurer will deliver the mid-year budget review on Monday.\n\nImage: Getty
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