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Mid-year economic and fiscal outlook shows economic growth

Jo McManus
Article image for Mid-year economic and fiscal outlook shows economic growth

The Federal Government has released it’s mid-year economic and fiscal outlook (MYEFO) forecasts, with economic growth on the way.

The report shows a $7 billion budget improvement as the economy begins to recover from the pandemic.

Federal Treasurer, Josh Frydenberg, says a stronger labour market helps the economy.

“When you get a stronger economy, you get a budget bottom line, you get more people in work, less people on welfare, more people paying tax and that’s also seen an improvement to our budget bottom line today,” he said.

Job figures were also released today, showing record growth and the unemployment rate dropping to 4.6 per cent.

“We saw around 60 per cent of those jobs going to women and around a third of those jobs going to young people,” he said.

However, living costs are expected to grow faster than wages this financial year according to the outlook.

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Jo McManus
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