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Government should release new economic and financial forecast for Australia.



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Thu, 29th January 2009

GOVERNMENT SHOULD RELEASE NEW ECONOMIC AND FINANCIAL FORECAST FOR AUSTRALIA The Hon Julie Bishop MP

Shadow Treasurer Deputy Leader of the Opposition

Today’s IMF World Economic Outlook Update forecasts a significant slowing of economic growth in major economies, including key trading partners for Australia.

Today’s Update and other recent economic data suggest that the current Government forecasts for growth, unemployment, government revenue and expenditure are now significantly different to forecasts presented in the Mid Year Economic and Fiscal Outlook in November.

Treasurer Swan should release a brief updated economic and fiscal outlook that provides:

1. Updated forecasts for the major economic indicators such as gross domestic product, unemployment and inflation

2. Updated forecasts for government revenue and expenditure

3. An assessment of the costs and benefits to date of the government fiscal stimulus measures, including how many jobs have been created from the $10.4 billion stimulus package

4. An assessment of the costs and benefits to date of the government’s financial market measures

5. A summary of the key information and analysis that will inform future government decisions in response to the global financial crisis.

The Treasurer has admitted that the public government forecasts are no longer accurate and he has failed to indicate whether recent independent economic forecasts for unemployment are correct.

So far the Government’s rhetoric of ‘levelling’ with the Australian people in 2009 is completely hollow.

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26/02/2009 http://www.liberal.org.au/news.php?Id=2486