The Budget at first pass looks like exactly the shot in arm the Australian economy needs.
Clearly the Federal Treasury thinks so as well with the budget papers forecasting that “stronger non‑mining business investment is expected to drive an increase in growth to 3¼ per cent in 2016‑17.”. That means that mining’s share as the driver of Australia’s economic growth will fall from a 55% contribution over the past 3 years to just 16% in the next three years.
Australia, your economic transition is at hand.
More Budget Coverage:
- AT A GLANCE: All the big items in last night’s 2015 federal budget
- Here are the key budget numbers you’re looking for
- ANALYST: The budget ‘hung the economy out to dry’ and more rate cuts are needed
- This debt chart shows the Abbott government squibbed the tough decisions in the budget
- 31 things you need to know about the federal budget
- Here’s what Australia’s startups think of the stimulus plans in the federal budget
- MYOB’s CEO says the $20K startup gift will be ‘phenomenal’ for Aussies
- All the government programs that have been cut in Australia’s federal budget