Soaring commodity prices fuelled by the war in Ukraine and the low jobless rate underpinned the narrowing budget deficit.
The federal budget deficit bequeathed by the Morrison government has been slashed in half to $33 billion in the first 11 months of the financial year, new Department of Finance figures reveal.and the low 3.9 per cent unemployment rate underpinned bumper corporate tax revenue and lower welfare expenses.
With one month to go in the fiscal year, the trajectory suggests the 12-month budget deficit to June 30 is on track to be about $40 billion, half the $80 billion forecast in March this year and well below the $106 billion originally tipped in 2021. The Albanese government has agreed to pay French state-owned submarine builder Naval Group $835 million in compensation for the cancelled contract.
“The pressure is now on Labor to maintain this trajectory and not add fuel to the inflationary fire through unnecessary spending.”
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