Treasurer will use state of the economy speech to trim 2021-22 growth to 3.75% and provide new inflation, wage and unemployment forecasts
Treasurer Jim Chalmers will deliver his state of the economy speech to parliament in which he will lower the economic growth forecast for 2021-22.Treasurer Jim Chalmers will deliver his state of the economy speech to parliament in which he will lower the economic growth forecast for 2021-22.The federal treasurer, Jim Chalmers, will use the state of the economy speech to trim the national growth estimates, citing global economic “headwinds”.
Instead of the 4.25% growth in 2021-22 as estimated by Treasury before the election, GDP growth will come in at 3.75%. Chalmers also told RN that it remained the government’s “expectation” that workers would start to see wage increases faster than the inflation rate during this term of parliament. Slowing GDP growth, though, would result in a “modest increase” in the unemployment rate that now sits at a 48-year low of 3.5%.earlier this week that rising inflation – and resulting interest rate hikes by central banks – will trim global growth rates this year and next.
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