AUSTRALIAN BUDGET: Government forecasts 2022/23 budget surplus of AUD 4.2bln (exp. AUD 4bln), 2023/24 budget deficit at AUD 13.9bln (0.5% of GDP), 2024/25 budget AUD 35.1bln (1.3% of GDP)

GDP forecast 

• 23/24: 1.50% (exp. 1.25-1.50%)


• 24/25: 2.25%


• 25/26: 2.75%

CPI forecast 

• 23/24: 3.25%


• 24/25: 2.75%


• 25/26: 2.5%

Unemployment Rate

• 23/24: 4.25%


• 24/25: 4.50%


• 25/26: 4.50%

Others:

• Raises iron ore price assumption to USD 60/t, Metallurgical coal to USD 140, Thermal coal to USD 70, and LNG at USD 10

Reaction details (10:41)

• No notable reaction seen in AUD upon the release.

Analysis details (10:40)

• RBA forecasts via its May SoMP.

09 May 2023 - 10:32- MetalsData- Source: Newswires