Appendix H

Detailed economic forecasts for 2010‑11 and 2011‑12

The table below shows the Government's macroeconomic forecasts.(a) The Australian economy is expected to grow by 3¾ per cent in 2010‑11. More comprehensive information is provided in Budget Paper No. 1, Budget Strategy and Outlook 2010‑11, Statement 2.

Table: Detailed economic forecasts for 2010-11 and 2011-12
  • (a) Percentage change on previous year unless otherwise indicated.
  • (b) Calculated using original data.
  • (c) Chain volume measures except for nominal gross domestic product which is in current prices.
  • (d) Excluding second‑hand asset sales from the public sector to the private sector.
  • (e) Percentage point contribution to growth in GDP.
  • (f) Through the year growth rate to the June quarter.
  • (g) Estimate for the June quarter.
  • Note: The forecasts are based on several technical assumptions. The exchange rate is assumed to remain around its recent average level — a trade weighted index of around 70 and a United States dollar exchange rate of around 90 US cents. Interest rates are assumed to move broadly in line with market expectations. World oil prices (Malaysian Tapis) are assumed to remain around US$88 per barrel. The farm sector forecasts are based on an assumption of average seasonal conditions in the future.