State and territory treasuries are warning the national economy is at risk from slowing wages and subdued jobs growth that could also undermine the federal budget and the spending plans of the Morrison government.

A breakdown of key economic forecasts made by all state and territory treasuries over the past month reveal none are as optimistic about wages, inflation, jobs growth or the overall state of the economy as the federal government.

State treasuries are much more downbeat about the economy than their federal counterpart, with much bleaker outlook for the economy and wages in their recent budgets Credit:Gabriele Charotte

The federal budget was brought forward to early April this year, meaning many of its forecasts were compiled in late March and well ahead of a string of key insights into the economy such as inflation and employment.

Federal Treasurer Josh Frydenberg forecast wages would grow by 2.75 per cent through 2019-20 before lifting to 3.25 per cent and then 3.5 per cent over the following two years.