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.

A paper outlining the methods used to forecast the macroeconomic indicators can be found in:

Reviewed 14/12/2021
Was this page helpful?