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As anticipated the Treasury forecast a recession, reflecting tight monetary policy and global economic headwinds. The economy is forecast to contract in 2023, with growth expected to decline by -0.8 percent over the last three quarters. From 2024 and beyond, the economy is expected to gradually recover to around 3% per annum growth.The Budget Policy Statement has little new in it, the focus is on careful economic and fiscal management through spending prioritisation. There is continued emphasis on supporting households with cost of living pressures. The Budget spending allowances for future years have not been changed from those announced in Budget 2022. The allowance for new spending is $4.5 billion for Budget 2023 and then $3 billion for the subsequent four years. The key announcement today is the extension to the cost of living payments. The petrol excise duty cut is extended to 28 February then phased out by 31 March 2023; half price public transport is also extended for the same period with a total cost of $116 million for both; and half price fares are made permanent for Community Service Card holders and tertiary students. |
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