Coady delivers mid-year fiscal and economic update

Deputy Premier and Minister of Finance Siobhan Coady delivered the mid-year fiscal and economic update today.

Real Gross Domestic Product is expected to grow by 3.3 per cent. Employment is forecast to increase by 2.8 per cent, while the annual unemployment rate is forecast to be at 10.5 per cent – a near historical low.

Retail sales are expected to remain strong.

Housing starts are up significantly through the first three quarters of the year, and home sales are also above last year’s levels through September.

Population growth continued for the last 14 quarters.

Industries including mining, oil and gas, fisheries, and wind-hydrogen, the technology sector, and film and television are expected to contribute to continued economic growth.

The projected deficit for 2024-25 on $10.4 billion budget is $218 million, which is approximately two per cent of total revenues; and is a slight variance from the Budget 2024 projection of $152 million by $66 million which is 0.65 per cent of total revenues.