Real GDP forecast
- 3.75% in 2021-22
- 3.5% in 2022-23
Unemployment forecast
- 4.5% in June 2022
- 4.25% in June 2023
Iron ore assumed price is a fall to $55 per ton FOB by the end of June 2022
Wage price index forecast
- 2.25% in mid-2022
- 2.75% in mid-2023
- 3% in fiscal year 2024
The forecasts assume an incremental border reopening with a gradual return of temporary and permanent migrants from early in 2022.
Treasurer Josh Frydenberg said, as part of the release that “The Australian economy is poised for strong growth”.
