June 15, 2010
Nita Teoh, Big4.com
The release of the Federal Budget in May 2010 paints a bright future for the Australian economy. The budget predicts a return to surplus in 2012-13, as this commodity-rich country sells its wares to hungry Asian economies. The Government has forecast real GDP growth of 3.25 % in 2010-11, with a further increase to 4% in 2011-12. These are far better numbers than most other developed economies, and the robustness is evidenced by the recent hike in interest rates.