Treasury expected to review 2024-25 growth outlook

A deteriorating global economic outlook may reduce forecasted growth for Australia in the May Budget. Treasury is reviewing its December forecasts that Australia’s economy will grow by 1.75 per cent in 2024-25. This is according to The Australian. The review is due to slowing activity in key economies, raising the prospect of a reduction in growth. Treasurer Chalmers warns the global outlook is ‘fraught and fragile’, citing slower growth forecasts in key economies like China, Japan and the United Kingdom.