The Australian government will release its the Mid-Year Economic and Fiscal Outlook (MYEFO) today
- Due at 0200GMT
It will contain downgrades, cuts ... but a few boosts as well (mainly to the deficit :-D )
- To the outlook on commodity prices (iron ore expected to be cut from $48 to $38 or thereabouts)
- To the forecast for gross domestic product (this will be cut by up to 0.5%)
- 2.75% growth forecast for 2015-16 expected to be reduced to 2.5%
- 3.25% forecast for 16/17 expected around 3%
- Forecast of 3.5% for 17/18 & 18/19 expected to be downgraded to 3%
- Will show a slower return to surplus
- Budget deficit for this financial year expected around $38 billion (from $35 billion forecast in May)
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More from Australia today:
- AUD traders - RBA Minutes today (preview)
- AUDUSD trades between the goal posts. RBA meeting minutes to be released
