Treasurer braces for scorecards on economic | Australian Markets
Australia’s economic system stays sturdy regardless of home and worldwide pressures, says the treasurer as he prepares for main report playing cards on the nation’s financial health.
The OECD’s economic outlook for 2025 will show how Australia’s fiscal outlook compares to different superior economies.
It will likely be unveiled on Tuesday on the organisation’s ministerial council assembly in Paris by former Australian finance minister Mathias Cormann.
The outlook comes at some point earlier than the release of figures displaying the home economic system’s growth within the first three months of 2025.
Economists tip Wednesday’s GDP knowledge for the March quarter to show the economic system growing by up to 0.5 per cent.
Treasurer Jim Chalmers stated the economic system was nonetheless buoyant within the face of pressures, equivalent to world trade uncertainty triggered by US President Donald Trump’s tariffs.
“(The) national accounts data is expected to show our economy is resilient in the face of substantial headwinds at home and abroad,” he stated.
“Our economy has been hit by natural disasters and we’re not immune to global volatility, but the progress Australians have made together means we are well placed to face this uncertainty.”
Treasury figures have proven a $2.2 billion hit to economic exercise following natural disasters equivalent to Tropical Cyclone Alfred and flooding in Queensland and NSW.
The Reserve Bank is set to reveal on Tuesday how it got here to its choice to cut back rates of interest when it releases its assembly minutes for May.
The central bank dropped the money charge by 25 foundation factors to three.85 per cent, the second time in 2025 rates of interest have fallen.
Treasury has estimated a 25 foundation level drop in rates of interest would save households $5 billion every year, with companies saving $3 billion yearly.
The Reserve Bank’s assistant governor Sarah Hunter will even deal with the state of Australia’s economic system towards the backdrop of world uncertainty in a speech to the Economic Society of Australia in Brisbane on Tuesday.
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