Treasury chimes in with central bank, now expects recession

Treasury chimes in with central bank, now expects recession
Caralee McLiesh. (Image: BusinessDesk)
Rebecca Howard
The Treasury is now expecting an election year recession but still sees the books back in the black in the June 2025 fiscal year.The economic forecasts in the half-year fiscal and economic update are “set against a global slowdown in gross domestic product growth”, said Treasury secretary Caralee McLiesh.High inflation rates at home and abroad are also taking a toll.Trading partner growth is forecast to increase 2.1% in calendar 2023, and 1.5% in 2024, slowing from the respective budget update forecast of 3.2% and 2.9%.“Over t...

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