According to the Gillard/Rudd 2011 Budget, the forecasts are for growth to increase and unemployment to decrease.
This from Treasurer Wayne Swan:
The outlook for our economy and our nation in the years ahead is very bright and Australians have good cause to be optimistic.
The economy is forecast to grow at an above-trend rate over the next two years, driven by an investment surge in the resources sector as the weight of global economic activity moves to our region.
Following 2¼ per cent growth in 2010-11, real GDP growth is forecast to increase to 4 per cent in 2011-12 and 3¾ per cent in 2012‑13.
High prices for Australia’s key commodity exports underpin a record investment pipeline in the resources sector. The mining industry is planning to invest $76 billion in 2011‑12 - around 8 times the annual level preceding the boom.
Unemployment is expected to fall further from its current level around 5 per cent to 4.5 per cent during the next two years, with half a million new jobs created.
This historic investment boom will stretch our economy's capacity over the coming years - it will test the capacity of our workforce and put added pressure on wages and prices.
The 2011-12 Budget puts in place strict spending discipline and builds surpluses in the years ahead so we do not compound these pressures on the economy.
It was right to step in and support the economy when the private sector was in retreat, and this Budget recognises that it is right to step back when private activity is gearing up. .
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