In the Half Year Economic and Fiscal Update; the HYEFU, released on Tuesday, Treasury believes the former. Things are difficult, with economic growth in the current fiscal year (ending in June 2025) expected to be just 0.5%, but will bounce back to 3.3% the following year.
Sadly for the economists at Number One the Terrace, the quants at the Department of Statistics debunked that optimism on, let me see, Wednesday. Our economy shrank one percent in the September quarter and all indications are the economy continues to contract. It would require a heroic surge in productive output in the remaining six months to get us to half a percent economic growth this fiscal year.
