The mid-year budget update has seen the government downgrading its forecast for Australia’s economic growth in 2019-20 by 0.25%, and slashing the projected surplus by A$2.1 billion, to $5 billion. The forecast for wage growth has also been reduced, and unemployment is projected to be slightly higher than was envisaged at budget time.
The figures indicate a worsening economy, but the government has sought to put a positive spin on the situation, saying the Australian economy is showing resilience.
Joining this podcast is finance minister Mathias Cormann and shadow treasurer Jim Chalmers to talk about the figures and the outlook.
New to podcasts?
Podcasts are often best enjoyed using a podcast app. All iPhones come with the Apple Podcasts app already installed, or you may want to listen and subscribe on another app such as Pocket Casts (click here to listen to Politics with Michelle Grattan on Pocket Casts).
You can also hear it on Stitcher, Spotify or any of the apps below. Just pick a service from one of those listed below and click on the icon to find Politics with Michelle Grattan.
Authors: Michelle Grattan, Professorial Fellow, University of Canberra