Budget Speech 2024

Allow me to begin, Madam Speaker, with the global outlook.

Global growth is forecast to increase, from 3.1 per cent this year to 3.2 per cent in 2025.

The moderate improvement is due to growth in the United States and several large emerging economies.

There are downside risks from potential spikes in the global oil price, if the conflict in the Middle East escalates and if growth falters in China — the country's largest trade partner.