‘I think this will kill us’: Australia’s economy ‘worsening’ as global economy gets worse

AUSTRALIA’S economy is weakening and there’s little sign of the recovery on the horizon, with the Reserve Bank predicting a return to contraction this year.

Photo: Andrew Meares The Reserve Bank has downgraded its growth forecasts for the year to 2.5 per cent, from 3.1 per cent.

It is expecting the economy to contract 1.8 per cent in 2017 and 1.7 per cent next year, with growth likely to be worse than the 1.4 per cent expected last year.

The latest figures also show Australia’s growth is expected to shrink by 1.2 per cent this year and 0.6 per cent the following.

RBA chief Glenn Stevens said the economic outlook for 2017 and 2018 was “worsened by the continuing negative trend in mining investment” and the impact of a stronger dollar.

“Despite the current decline in growth, the underlying underlying economic picture remains resilient,” he said.

On the labour front, the RBA has revised down its forecasts for wage growth by 1 per cent to 2 per cent from 3 per cent and forecast that annual employment will grow by 1,000,000 jobs in 2017.

That would be a return from the 3.9 per cent increase in 2017, and a fall of more than half from the 6.2 million jobs that the RAB said it expected.

More than 60,000 fewer jobs are projected to be created than the previous forecast, and the RBS expects the economy will contract by 2.6 million jobs in 2018.

Inflation is forecast to average 3.3 per cent through 2021.

But that is far higher than the average inflation rate of 1.5 to 1.6.

Bonds are also falling as investors wait for the economy’s economic recovery to take hold.

There’s a big question mark over whether the Reserve’s forecast for inflation is accurate, and if so, how soon the Bank expects that to change.

While the Bank’s projections are positive, the Government is facing pressure from the mining industry and the mining sector’s biggest trade union, the Mine Workers’ Federation.

Treasurer Scott Morrison says his Government has cut spending on welfare, but he hasn’t set out a specific plan to address this.

‘It will destroy us’: Treasurer Scott Morrison “The Australian economy is becoming increasingly fragile, with negative impacts on the wider economy, including our own, as well as on our own communities,” Mr Morrison said in a statement.

“[The] Reserve Bank is confident that the outlook for the 2017-2018 financial year will be favourable, but it remains concerned about the continuing downward trend in the growth of mining investment.”

Mr Morrison said the Reserve has “made clear” that there are two things it’s concerned about, the lack of an increase in spending on social security and the lack in spending in other areas.

He said he has already identified $60 billion over the next three years for those areas, including $30 billion for social security payments.

Mr Morneau said the Government will also introduce a “new investment strategy” in the coming weeks.

New spending will include $2 billion for mining companies in the state of Western Australia and $1.5 billion for a new coalmine in Queensland.

However, it will not be enough to make up for a lack of spending on wages, which has continued to be weak.

Australia’s wage gap between men and women grew from 3,848 to 3,923 per cent between 2010 and 2015, while the gender pay gap between full-time workers and those who are self-employed grew from 4.542 to 5.917.

Ms Williams said the pay gap was now wider than in any other developed economy, except for New Zealand, the US and Japan.

Topics:economics-and-finance,,housing-industry,jobs,business-economics,government-and/or-politics,employment,industry-and,government,business,economics—economics and-fraud,government—partnership-programs,employment-industries,workers,industries-and%E2%80%99-20,australiaFirst posted July 25, 2019 19:56:59Contact Sarah KieferMore stories from New South Wales

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