This Budget is the next stage in the Government's economic plan, building on commitments from the 2016-17 Budget and the 2016 election.
Global economic outlook
There are clear and growing signs that global growth is strengthening
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.
The outlook for business investment and industrial production in several major economies is picking up. Business and market sentiment have strengthened as confidence in global prospects has improved.
World trade growth has started to lift after unusually weak growth in recent years. This lift is broad-based, across both advanced and emerging economies.
“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.
The signs are also encouraging for Australia’s major trading partners, which are forecast to continue growing faster than the global economy. This will continue to present opportunities for Australian businesses.
Australia is well-positioned to take advantage of a strengthening global outlook and ensure all Australians feel the benefits.