10 things you need to know this morning in Australia

Good morning. The end of the year is in our sights.

1. As wages, jobs and economic growth sink, the government has been forced to cut its promised surplus almost in half. The government’s Mid-Year Economic and Fiscal Outlook (MYEFO) yesterday offered fairly grim prospects for the economy, with unemployment expected to remain above 5% and wage growth forecasts slashed to 2.5%. Josh Frydenberg was slightly more optimistic. “[MYEFO] confirms the resilience of the Australian economy and that the Budget is on track to return to surplus for the first time in 12 years,” he said. I guess it’s his job to see the bright side.

Read more: https://www.businessinsider.com.au/10-things-you-need-to-know-this-morning-in-australia-v11-2019-12