State budget 2021-22 Macroeconomic Indicators

The Department forecasts a number of macroeconomic aggregates for inclusion in the budget papers.

These forecasts have three main purposes:

• they provide a framework for presenting the economic context in which the budget is developed;
• most of the economic aggregates or their sub-components are used in the modelling of taxation and other revenue lines; and
• forecasts of nominal gross state product (GSP) are used to express key financial aggregates in relation to the size of the economy, such as non-financial public sector net debt to nominal GSP.

The spreadsheet below contains the seven published aggregates for the budget papers (Budget and Budget Update):

• real GSP;
• nominal GSP;
• employment;
• unemployment;
• the consumer price index;
• the wage price index; and
• population.