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Economic growth over the four years to 2025/26 is likely to be slower than predicted ahead of the May federal election, due to global challenges, high inflation and higher interest rates.

KEY ECONOMIC FORECASTS IN 2022/23 BUDGET

GDP (real, versus coalition March budget forecasts)

2022/23 – 3.25pct (3.50pct)

2023/24 – 1.50pct (2.50pct)

2024/25 – 2.25pct (2.50pct)

2025/26 – 2.50pn (2.50pct)

UNEMPLOYMENT RATE

2022/23 – 3.75pct (3.75pct)

2023/24 – 4.50pct (3.75pct)

2024/25 – 4.50pct (3.75pct)

2025/26 – 4.25pct (4.00pct)

CONSUMER PRICE INDEX

2022/23 – 5.75pct (3.00 pct)

2023/24 – 3.50pct (2.75pct)

2024/25 – 2.50pct (2.75pct)

2025/26 – 2.50pct (2.50pct)

WAGE PRICE INDEX

2022/23 – 3.75pct (3.25pct)

2023/24 – 3.75pct (3.25pct)

2024/25 – 3.25pct (3.50pct)

2025/26 – 3.50pct (3.50pct)

Source: Treasury

(Australian Associated Press)