State budget 2021-22 Macroeconomic Indicators

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;

- nominal GSP;

- employment;

- unemployment;

- the consumer price index;

- the wage price index; and

- population.