(Canberra Bloomberg) Australia's Treasury Minister Chammer believes that the economic recovery momentum presented by China after the end of the crown disease is unable to offset the impact of global economic recession on Australia's fiscal budget.
According to Bloomberg report, thanks to the surge in export revenue and continuously strong labor market, Charmers is expected to announce on Tuesday (May 9) in the fiscal budget that the country's economy has appeared for the first time in the past 15 years.Fiscal surplus.
Charmers Sunday (May 7) in Canberra said that a part of the fiscal surplus in Australia was that its economic recovery was stronger than expected to relax the epidemic restrictions in the past six months.China is the largest trading partner in Australia, with more than double its total trade than the second largest country.
But Chammer also pointed out that this momentum was offset by the economic recession elsewhere.He said: "From a wider perspective, the global economy is slightly weaker than people expect."
International trade has resistance due to the rise in high inflation and rising loans.With the global economic situation, the International Monetary Fund has reduced growth forecasts in the latest outlook announced in April this year.Australian Reserve Bank also accidentally raised its cash rate to 3.85%last Tuesday, reaching the highest level of the country for more than ten years.
Despite the severe international situation, Chammer is expected to disclose a lower inflation rate and stronger salary forecast than previously estimated in the fiscal budget, and it is expected that the country's unemployment rate from 2024 to 2025 will reach 4.5%Peak.He said that 40%of Australian fiscal surplus turns are growing by high wages and employment drivers, and the increase in commodity prices only accounts for 20%of them.
However, the Australian government has expected that the fiscal deficit will increase in the next few years.In the revenue measures of this year's budget, the government will reform Australian oil resources lease tax and set the upper limit of the natural gas industry.This measure is expected to provide the government with a revenue of $ 2.4 billion (about S $ 2.15 billion) in the next few years.
