Living within our means
Ensuring that the Government lives within its means
Better days aheads
Economic outlook – domestic and global
There are clear and growing signs that global economic conditions are improving. Chinese GDP growth has ticked up in early 2017 and the United States economy is performing well.
World trade growth has also started to lift after unusually weak growth in recent years. This lift is broad-based, across both advanced and emerging economies.
"There has been a broad-based pick-up in the global economy since last year."
"The improvement in the global environment is helping us here in Australia." — RBA Governor Philip Lowe
Stronger trade growth is an important foundation for a more vibrant world economy. This is particularly true for Australia as trade is an important source of growth in the Asian region.
Australia is well placed to benefit from this improving global growth outlook.
Resource exports will continue to support growth. Strong demand from Asia for Australia’s tourism and education services will also drive further rapid expansion in our services exports.
Our open and flexible economy has handled a transition to broader-based growth and global uncertainty remarkably well over the past few years.
And there are better days ahead.
Growth in the Australian economy is expected to rebound to 2¾ per cent in 2017-18 and 3 per cent in 2018-19 as the detraction from mining investment eases and as growth in household consumption and non-mining business investment improves.