After accounting for the impacts of measures and adjustments, the Sales Tax revenue base is projected to grow at an average annual rate of 4.3 per
cent over the forecast period, roughly consistent with the average annual growth in nominal consumption of 4.0 per cent over this period.
Not exact matches
The speech says that the Bank's central
forecast remains for inflation in Australia to pick up
over the next couple of years, but for inflation to be nearer to 2 per
cent, than 3 per
cent at the end of this
period.
In circumstances where the
forecast lies outside the range
over the policy horizon, the
forecast path for inflation should be such that inflation would be expected to return to between 2 and 3 per
cent within a reasonable
period, that is, the trend in inflation should be clearly back toward the target range.
Results from the Bank's latest quarterly survey of financial market economists show that the median inflation
forecast is 2.1 per
cent over the year to June 2004, before picking up to 2.4 per
cent over the year to June 2005;
forecasts for both
periods are lower than they were in November 2003 by 0.1 percentage points (Table 16).
It also expects the adjustments to trim the
forecast for Canada's real gross domestic product — a measure of economic growth — by up to 0.05 per
cent over the same
period.