Australia Macro Service > Australia Research Briefings

Slowing tax revenue expected to restrict spending

Public demand has contributed significantly to GDP growth over recent years, stemming from steady rises in tax revenue. However, looking forward, the subdued wage outlook and the severe slowdown in the residential property market is expected to keep a lid on government tax revenues.

 

With revenues slowing, government investment is forecast to decline in coming years as major programs reach completion. Government consumption expenditure is also expected to slow down following the completed rollout of NDIS, and we anticipate reduced support from public demand overall in the near-term which has been an important driver of growth over recent years.

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