Budget Speech 2023

Since the 2022 Budget, global growth estimates for 2023 have been revised lower.

The International Monetary Fund projects global growth to slow from an estimated 3.4 per cent in 2022 to 2.9 per cent in 2023.

Global economic risks remain high, including those related to the ongoing war in Ukraine, and could impede growth if they materialise.

The reopening of the Chinese economy, however, may offer some reprieve by supporting a stronger rebound in global trade and demand.