Smaller Surplus for Australia as Jobless Rate Remains Higher for Longer in Latest MYEFO: CCIQ

Monday 16 December, 2019 | By: Dan Petrie

The Chamber of Commerce and Industry Queensland has today urged the Federal Government to support demand in the economy and be prepared to adjust to a subdued 2020 following the release of the Mid-year Economic and Fiscal Outlook (MYEFO) in Canberra today.

A retracement in individual and company tax receipts coupled with a fall in commodity prices has seen downward revisions in previously forecast surpluses over the forward estimates.

The latest MYEFO release mirrors the subdued outlook for the national economy according to the latest Suncorp-CCIQ Pulse survey.

CCIQ Chief Economist, Dr Marcus Smith said the surplus of $5 billion for the 2019/20 year observes treasury forecasts for GDP growth falling from 2.75% to 2.25% over the coming year with the near term challenge for Federal and State governments in ensuring that there is not a further deterioration in the domestic economy.

“Australia’s stronger terms of trade have essentially helped mask a weakening employment picture and general business conditions over the last 12 months.

“The challenges facing the economy are many and varied, where constraints around compliance, over-regulation and a clearly bureaucratic approach to approval processes are hampering productivity.

“The resources and agricultural industries have effectively saved Treasury Departments across the nation; however, the economy is now confronting weaker commodity prices in both coal and iron ore as well as an impending contraction in activity from a drought-stricken agricultural sector,” Dr Smith said. 

CCIQ notes that the forecast for unemployment across suggest the jobless rate is expected to remain elevated at 5.25% through to 2021.

Post your comment


  • 13/02/2020 10:28pm (10 days ago)

    Bureaucracy is one factor that is hampering the economy.

  • Linda Mark 28/01/2020 9:39pm (26 days ago)


    Hello my dear people, I am Linda McDonald, currently living in Austin Texas, USA. I am a widow at the moment with three kids and i was stuck in a financial situation in April 2018 and i needed to refinance and pay my bills. I tried seeking loans from various loan firms both private and corporate but never with success, and most banks declined my credit ,do not full prey to those hoodlums at there that call them self-money lender they are all scam , all they want is your money and you well not hear from them again they have done it to me twice before I met Mr. David Wilson the most interesting part of it is that my loan was transfer to me within 74hours so I will advise you to contact Mr. David if you are interested in getting loan and you are sure you can pay him back on time you can contact him via email……… ( No credit check, no cosigner with just 2% interest rate and better repayment plans and schedule if you must contact any firm with reference to securing a loan without collateral then contact Mr. David Wilson today for your loan

    They offer all kind of categories of loan they

    Short term loan (5_10years)
    Long term loan (20_40)
    Media term loan (10_20)
    They offer loan like
    Home loan............., Business loan........ Debt loan.......
    Student loan.........., Business startup loan
    Business loan......., Company loan.............. etc
    When it comes to financial crisis and loan then David Wilson loan financial is the place to go please just tell him I Mrs. Linda McDonald direct you Good Luck.......................

  • run 3 23/12/2019 2:41pm (2 months ago)

    The information is very special, I will have to follow you, the information you bring is very real, reflecting correctly and objectively, it is very useful for society to grow together.

  • cheap assignment writing service 16/12/2019 7:31pm (2 months ago)

    Great post.

RSS feed for comments on this page | RSS feed for all comments