Macroeconomic indicators 2016-17

Brief description

The Department forecasts a number of macroeconomic aggregates for inclusion in the budget papers.





These forecasts have three main purposes:

- they provide a framework for presenting the economic context in which the budget is developed;

- most of the economic aggregates or their sub-components are used in the modelling of taxation and other revenue lines; and

- forecasts of nominal gross state product (GSP) are used to express key financial aggregates in relation to the size of the economy, such as non-financial public sector net debt to nominal GSP.



The spreadsheet below contains the seven published aggregates for the budget papers (Budget and Budget Update):

- real GSP growth;

- level of nominal GSP;

- employment growth;

- unemployment rate;

- growth in the consumer price index;

- growth in the wage price index; and

- annual population growth.