Treasurer unveils sobering forecasts

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(Australian Associated Press)

 

AUSTRALIA’S SOBERING ECONOMIC FIGURES

TREASURY FORECASTS

* 10 per cent drop in GDP in June quarter

* Worth $50 billion, equivalent to total quarterly production of SA, Tasmania, NT and ACT

* Would be biggest fall on record

* Household consumption 16 per cent lower

* Business investment 18 per cent lower

* Dwelling investment 18 per cent lower

* Household savings to increase

* Treasury will deliver an updated fiscal outlook in June after March quarter national accounts

DATA ON HAND

* Job ads halved in April

* Activity in construction, manufacturing and services had largest ever monthly falls

* New motor vehicle sales dropped 48 per cent

* House sales fell 40 per cent

* Domestic and international air travel down more than 97 per cent

* Number of jobs fell 7.5 per cent

* Wages bill paid by businesses fell 8.2 per cent

* Accommodation and food services lost 33.4 per cent of jobs

* Arts and recreation sector lost 27 per cent of jobs

(Source: Speech by Treasurer Josh Frydenberg)

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