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The FY ’26/27 Mid-Year Budget Review will be tabled against a weaker backdrop than assumed in Feb ’26. BoN now sees ’26 growth at 2.1% (3.1% budgeted), and we hold 1.9%, as FMD, El Niño and weaker mining add pressure on 2H outcomes, despite 4.8% y/y growth in 2Q ’26. Download our Budget Primer for detailed insights