Correction: Australian Government Raises Growth Outlook; Jobless Rate Seen Lower

(RTTNews) - Corrects the May forecast for jobless rate.

Australia will see higher growth, as also lower unemployment and deficits over the coming years, the Treasury said Monday.

In its Mid-Year Economic and Fiscal Outlook statement, the Treasury forecasts the economy to grow 1.5% this year, reversing the forecast for 0.5% contraction made in May. Over the next year, it projects the economy to grow 2.75%, faster than 2.25% growth expected previously. Meanwhile, the jobless rate is forecast to peak at 6.75% in the June quarter of 2010. In May, the budget forecast the jobless rate to be 8.5% in June quarter of 2010.

The government also forecasts smaller deficits over the next two years, with the budget to return to a surplus by 2015-16.

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