The Commonwealth Budget – Overview 2003-04

Appendix C

Detailed economic forecasts for 2003-04

The table below shows Australia's macroeconomic forecasts. Economic growth is forecast to be around 3 per cent in 2002-03 and 3¼ per cent in 2003-04. More comprehensive information is provided in Budget Strategy and Outlook 2003-04, Statement 3.

High resolution version

1. Percentage change on preceding year unless otherwise indicated.
2. Chain volume measure.
3. Excluding second–hand asset sales from the public sector to the private sector.
4. Percentage point contribution to growth in GDP.
5. For presentation purposes, forecast changes in inventories held by privatised marketing authorities are included with the inventories of the farm sector and public marketing authorities.
6. Average non–farm compensation of employees (national accounts basis).