Mr Morrison recognised that real GDP growth is “weaker than forecast” but contended that the broader drivers of economic activity “appear to be underway”.
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Government downgrades growth to 2.5 per cent
The 2015-16 Mid-Year Economic and Fiscal Outlook (MYEFO) released by Treasurer Scott Morrison and Finance Minister Mathias Cormann on Tuesday revealed that real GDP growth is likely to come in at 2.5 per cent for 2015-16 – down from 2.75 as predicted in the budget.
