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The 2024 Australian federal budget was delivered on budget night at 7:30pm on Tuesday, 14 May 2024 by Treasurer Jim Chalmers. [2] The budget will dictate how the Australian Government will allocate an estimated A$715 billion across the federal government, and to state and territory governments. [ 1 ]
The change in forecast is due to high commodity prices, a strong jobs market and a rise in net migration. [9] A return to a $13.9bn deficit is expected in the following financial year. [10] Another deficit of $36.9bn or 1.3% of Gross Domestic Product (GDP) is forecast for 2025-26 and then a decline to $28.5bn in the following year. [10]
July 2024 data showed that the inflation rate had dropped to 2.9%, the lowest since March 2021, with used car prices returning to normal following the 2020–2023 global chip shortage. [182] Increases in rent, [183] childcare [184] and electricity [185] still outpaced inflation at around 5%.
Grocery inflation is expected to ease even more in 2024. Overall decreases in the cost of grocery foods, as seen in 2016 and 2017, are rare, and the Federal Reserve considers inflation of around 2 ...
For instance, Bank of America forecasts a 0.1% and 0.3% month-over-month gain in September's headline and core CPI, respectively. Those moves shouldn't be enough to impact the Fed's thinking.
Australian households are under broad financial pressure from high inflation, which spiked as high as 7.8% in December 2022, before slowing to 5.4% in the third quarter of 2023. That has dented ...
These figures have been taken from the International Monetary Fund's World Economic Outlook (WEO) Database, October 2024 Edition. [1] The figures are given or expressed in Millions of International Dollars at current prices.
An update on inflation and the start of third quarter earnings reports will grab investor attention in the week ahead. ... CPI is forecast to have risen 3.2% over last year in September, unchanged ...