Slower population growth and a smaller working population than expected are behind the reason for officials trimming outlook to 2.75% from 3% Treasury officials beget cut Australia’s economic growth forecast and predicted that the federal budget will remain in deficit for longer than previously thought.
The Treasury deputy secretary,Nigel Ray, said potential growth would be approximately 2.75% over the next few years, or as slower population growth and fewer hours being worked across the economy took their toll. Continue reading...
Source: theguardian.com