From 28 minutes ago, the Treasury has downgraded its growth forecasts for major economies ahead of the federal budget due to global financial uncertainty. Geopolitical tensions in the Middle East and a slowdown in China have led to a rethink on global economies, with Treasurer Jim Chalmers warning of a “fraught and fragile” outlook internationally. China’s growth forecast has been downgraded by 0.25 percentage points to 4.25%, the UK’s economy by 0.5 percentage points to 1.25%, and Japan’s growth to just 0.75% in 2024. Chalmers, meeting with G20 counterparts in Washington, highlighted the impact of global uncertainty on revised expectations. Further revisions are expected following the release of US GDP figures and EU data in May.
International travel at Sydney Airport is closer to pre-pandemic levels than domestic flights, with a 96.6% recovery rate for international travel compared to 91.9% for domestic and regional travel. This disparity is attributed to lower levels of domestic business travel affecting demand. Sydney Airport CEO Scott Charlton noted the impact of higher airfares and lack of capacity on domestic travel, contrasting with strong international passenger volumes due to higher seat capacity and competition on major international routes.
