Economy to continue to contract in 2020/21

The Australian economy will continue to contract for some time, the 2020/21 budget show. (AAP)

KEY ECONOMIC FORECASTS IN 2020/21 BUDGET

(Previous forecasts in brackets)

GDP

2020/21 - minus 1.5 per cent (* minus 2.5 per cent)

2021/22 - 4.75 per cent (# 3.0 per cent)

2022/23 - 2.75 per cent (# 3.0 per cent)

2023/24 - 3.0 per cent (n/a)

UNEMPLOYMENT RATE

2020/21 - 7.25 per cent (* 8.75 per cent)

2021/22 - 6.5 per cent (# 5.0 per cent)

2022/23 - 6.0 per cent (# 5.0 per cent)

2023/24 - 5.5 per cent (n/a)

CONSUMER PRICE INDEX

2020/21 - 1.75 per cent (* 1.25 per cent)

2021/22 - 1.5 per cent (# 2.5 per cent)

2022/23 - 1.75 per cent (# 2.5 per cent)

2023/24 - 2.0 per cent (n/a)

WAGE PRICE INDEX

2020/21 - 1.25 per cent (* 1.25 per cent)

2021/22 - 1.5 per cent (# 2.75 per cent)

2022/23 - 2.0 per cent (# 3.0 per cent)

2023/24 - 2.25 per cent (n/a)

* July Economic and Fiscal Update

# Mid-Year Economic and Fiscal Outlook (December 2019)

Source: Treasury