Part 1: Overview
The Government is focused on building a stronger economy to drive further gains in employment and prosperity. The 2015‑16 Mid‑Year Economic and Fiscal Outlook (MYEFO) shows the Government's fiscal position is forecast to maintain an improving trajectory over the forward estimates period, despite changes in economic parameters detracting from the fiscal outlook since the 2015‑16 Budget.
The Australian economy continues to perform well, transitioning from strong resource investment‑led growth to broader‑based drivers of economic activity. Employment growth has strengthened as the economy transitions to more labour intensive sectors. While business investment intentions currently remain subdued, conditions conducive to stronger business investment are in place.
Building on Australia's economic growth record requires sound government finances, continued investment in Australia's productive capacity and policy settings that support the innovation and drive of Australian workers and businesses. This underscores the importance of the Government's integrated national plan for economic growth and jobs.