Treasury sees 4.25pct growth in 2021/22

The government expects strong economic growth to continue, with output in the four per cent area. (AAP)

KEY ECONOMIC FORECASTS IN 2021/22 BUDGET

(*previous forecasts in brackets)

GDP (real)

2020/21 - 1.25 per cent (0.75 per cent)

2021/22 - 4.25 per cent (3.50 per cent)

2022/23 - 2.50 per cent (2.50 per cent)

2023/24 - 2.25 per cent (2.75 per cent)

2024/25 - 2.50 per cent (n/a)

UNEMPLOYMENT RATE

2020/21 - 5.50 per cent (7.25 per cent)

2021/22 - 5.0 per cent (6.25 per cent)

2022/23 - 4.75 per cent (5.75 per cent)

2023/24 - 4.50 per cent (5.25 per cent)

2024/25 - 4.50 - per cent (n/a)

CONSUMER PRICE INDEX

2020/21 - 3.50 per cent (2.25 per cent)

2021/22 - 1.75 per cent (1.50 per cent)

2022/23 - 2.25 per cent (1.75 per cent)

2023/24 - 2.50 per cent (2.0 per cent)

2024/25 - 2.50 per cent (n/a)

WAGE PRICE INDEX

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

2021/22 - 1.50 per cent (1.25 per cent)

2022/23 - 2.25 per cent (2.0 per cent)

2023/24 - 2.50 per cent (2.25 per cent)

2024/25 - 2.75 per cent (n/a)

* Mid-Year Economic and Fiscal Outlook (December 2020)

Source: Treasury