Australia to Lower Economic Growth Forecasts

Australia's economy will grow less than expected in coming years because of a global slowdown, high inflation and rising interest rates, Treasurer Jim Chalmers will say on Thursday, according to excerpts of a speech seen by Reuters. Chalmers will tell parliament that economic growth in the 2021/22 fiscal year that ended on June 30 is expected at 3.75%, down from a forecast of 4.25% made by the previous government in March. Growth forecasts for 2022/23 and 2023/24 have also been revised down by half a percentage point to 3% and 2%, respectively. Chalmers is expected to update forecasts for inflation and other economic indicators in his ministerial statement and say what the changes will mean for the budget position the Labor government inherited after a May election victory.">Read more.