183. For the medium term, I project that the annual average growth rate will be four per cent in real terms for the period 2012-15, while the underlying inflation rate will average 3.5 per cent. I forecast an annual surplus in the Operating Account for the period between 2012-13 and 2015-16. With a number of major infrastructure projects entering their construction peaks, a deficit will arise in the Capital Account, but a surplus is expected in the Consolidated Account. Fiscal reserves are estimated at approximately $697.7 billion by end-March 2016, representing about 30 per cent of our GDP and equivalent to 20 months of government expenditure. This figure has not deducted the $50 billion I previously pledged to allocate for the implementation of health care reform.
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