World Economic outlook - Australian Federal Budget forecast 2012-2013, 2014, 2015 : The Australian Government remains forecasting a return to surplus by 2012/13, as promised last year. However, the size of which has been reduced to A$1.54bn, or 0.1% of GDP, an even smaller surplus than the A$3.5bn forecast in the 2011-12 budget. This is however broadly unchanged from the A$1.48bn as outlined in the November MYEFO and as indicated recently by the Australian Treasurer Wayne Swan.
Further out, the budget surplus is expected to build slowly over 2013/14 and 2014/15, with surpluses expected to come in at A$1.04bn and A$5.31bn respectively. Growth is expected to be 3.25% in 2012/13, on the upper-end of the RBA's forecast range of 2.5-3.5%.
Net debt is forecast to peak at 9.6% of GDP in 2011/12 before dropping to 9.2% in 2012/13. A$34.6bn worth of Australian bonds will be sold in 2012-13. Meanwhile, the face value of Treasury bonds on issue at 30 June 2012 is projected to be around A$205bn and around A$214bn, indicating net bond sales of A$9bn. More in our impact note later. CT
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