Economic outlook ‘not all good’: Swan

The Federal Government has warned the Mid-Year Economic and Fiscal Outlook (MYEFO) due to be released by Treasurer Wayne Swan in Canberra won’t deliver all good news.

There are high expectations for the MYEFO as the Australian economy has gone from strength to strength in recent months. While the report will reflect an economy that has performed better than expected in the past six months, it won’t be a “bed of roses”, says Swan.

“Challenges remain in areas like business investment and the terms of trade, and this will be reflected in MYEFO as well,” he said in his economic note, published on Sunday.

However, forecasts for growth, unemployment, the budget deficit and government debt are likely to be more positive than predicted in the May budget.

The Federal Government has warned the Mid-Year Economic and Fiscal Outlook (MYEFO) due to be released by Treasurer Wayne Swan in Canberra won’t deliver all good news.

“Challenges remain in areas like business investment and the terms of trade, and this will be reflected in MYEFO as well,” he said in his economic note, published on Sunday.

However, forecasts for growth, unemployment, the budget deficit and government debt are likely to be more positive than predicted in the May budget.

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