Business Insider Select: Treasury cuts growth forecast, says pain to hit next year

Good afternoon. Here's what you need to know about the release of the 2016 Mid-Year Economic & Fiscal Outlook. View this email via your browser

BUDGET UPDATE: Treasury cuts growth forecast, says pain to hit next year The budget is expected to $2.8 billion worse off next year.

AUSTRALIA'S BUDGET UPDATE: All the numbers Australia's real GDP is forecast to weaken to 2% this financial year.

Here's Scott Morrison's full statement on the federal budget update out today Reducing pressure on the Budget.

Moody's says the budget update is in line with Australia's triple-A credit rating, but warns on politics Moody's says the federal government's mid year budget update puts Australia in line with other countries with a triple A sovereign credit rating.

Treasury thinks the bottom is in for Australia's long slowdown in wages growth One of the big challenges for the federal budget has been the slowing in wages growth, a trend that has been a feature of the Australian economy for a decade.

The privatisation of ASIC's billion dollar registry has stalled The sale of exclusive access to Australia's company registration information has been halted because bids from private enterprise didn't go high enough.

Treasury changed its approach to commodity forecasts because of the huge swings in the market Treasury has decided to tweak how it uses commodity price movements in budget calculations.

Business Insider Australia © 2016 Allure Media Unsubscribe • Email to a Friend • Privacy Policy