A mid-year budget update on Monday revealed the government had cut its forecast $7.1 billion budget surplus to $5 billion. 9News
"The lower the debt levels the lower your interest payments and that means that the government is living within its means and that's critically important," he said.
Mr Frydenberg highlighted positives in his report, citing $4.2 billion worth of infrastructure projects.The budget update was a fizzer for some, with Australian Council of Social Service CEO Cassandra Goldie saying it was a missed opportunity.Treasurer Josh Frydenberg addresses the media during a doorstop interview in the press gallery at Parliament House in Canberra
She said Newstart welfare payments needed a boost and the government needed to do more to help struggling Australian families. Australia's economy was forecast to grow by only 2.25 per cent, a reduction from a forecast growth of 2.75. Mr Frydenberg also cut his wage growth forecasts, now predicting it won't reach three per cent until 2022/23.
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