Australia | A structural measure of the budget balance
The budget deficit blew out in FY20 and will widen further in FY21 due to the
government’s efforts to cushion the shock of the COVID-19 recession. Headline measures of the budget deficits portray the scope of the response but have little value in depicting the longer-run sustainability of the budget position.
We have developed a structural measure of the budget deficit that accounts for large swings in key commodity and domestic prices and the economy’s position in the business cycle. This measure is much more informative about whether current fiscal settings are sustainable and will not result in an explosive trajectory for debt, in the long run.
What you will learn from this comprehensive 4-page report:
- The structural budget balance has deteriorated but appears sustainable
- Prices can drive large swings in nominal GDP growth
- Structural measures ‘look through’ volatility
- Nominal GDP exceeded its structural level for many years, boosting revenue
New cruise deployment trends emerging one month in to the Middle East conflict
One month into the conflict, cruise operators have responded swiftly to geopolitical disturbances in the Middle East by modifying or cancelling itineraries.Find Out More
Nordics: Key themes 2024 – Light at the end of the tunnel
The rapid surge in interest rates will continue to weigh on the Nordic economies next year with little external support, but it's not all gloom with inflation easing and some pockets of strength. We think four themes will be key in charting the outlook for Nordic economies in 2024:Find Out More