Commonwealth Government economic forecasts show a slowing of the nation’s economic growth at a time when South Australia’s economy has almost stopped.
The Commonwealth Government today released its Mid Year Economic and Fiscal Outlook (MYEFO) which showed that national economic growth this year will be 2.5 per cent down from the budget forecast of 3.25 per cent.
However, Shadow Treasurer Rob Lucas said today that Mr. Foley’s Mid Year Budget Review yesterday forecast economic growth in South Australia of only 1 per cent down from the budget estimate of 2.5 per cent.
“This means South Australia’s growth will only be 1 per cent, whereas national growth will be 2.5 per cent,” Mr. Lucas said.
“Mr. Foley cannot blame the drought, because the drought is affecting Australia nationwide and not just South Australia.
“Mr. Foley must now explain the reason why after five years of his policies, South Australia’s economy has almost stopped whilst the national economy is performing much stronger.”