The Federal Budget has been delivered against a backdrop of 4.9 per cent unemployment and growing tax receipts which are forecast to rise 4.2 per cent in 2019-20, after expected growth of 8.6 per cent from 2017-18 to 2018-19.
Australia’s economic growth has steadied around 2.75 per cent and is no longer expected to increase to 3 per cent until 2020-21. This is down on the most recent mid-year budget update in December 2018 and a sign of some slowing momentum in the international economy over the second half of 2018, evidenced by downward revisions in global growth forecasts from the IMF and OECD.
Watch our budget recap here
Read our Federal Budget overview here