Federal Budget 2013
Outlined below are the key economic highlights included in the Federal Budget 2013.
More from the Federal Budget 2013
- Budget deficit of $18 billion in 2013/2014
- GDP growth at 2 ¾% in 2013/2014 rising to 3% in 2014/2015
- Australian dollar expected to remain high
- Employment expected to grow by 1¼ per cent to the June quarter 2014 and 1½ per cent to the June quarter 2015. While unemployment is expected to drift up slightly to 5¾ % by the June quarter 2014 and stabilise around this rate through to the June quarter 2015. The participation rate is forecast to remain close to historical highs at around 65%.
- Wage growth is expected to remain subdued. The Wage Price Index is forecast to grow 3½ % through the year to the June quarters of 2014 and 2015.
- Household consumption expected to grow at 3% in both 2013/2014 and 2014/2015.
- Dwelling investment forecast to grow by 5% in 2013/2014 and 5½% in 2014/2015.
- New business investment is expected to grow by 4½ % in 2013/2014, growing at 1% in 2014/2015.
- Exports are expected to grow by 6½% in 2013/2014 and 7% in 2014/2015.
- Imports are expected to grow by 6% in 2013/2014 and by 3% in 2014/2015.
- Both headline and underlying inflation are forecast to be 2¼ % through the year to the June quarters of 2014 and 2015.
- Nominal GDP is expected to grow by 5 % in both 2013/2014 and 2014/2015, well below the 20-year average of 6½ %. This largely reflects the expected decline in the terms of trade and slightly below-trend growth in domestic prices
Click through to the pages below for details about how the Budget affects you.
Federal Budget 2013/14 - A Swan song?
Families & Community
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Last updated May 2013. This article is provided for information purposes only and should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.
This article is provided for information purposes only and correct at the time of publication. It should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.