The Treasurer will release his pre-election budget in less than a fortnight. He says the time to repair the budget is now, but it will be done carefully. auspol federalbudget
a $99.2 billion deficit this financial year and deficits for the rest of the decade. Gross debt was tipped to peak towards the end of the decade at more than 50 per cent of GDP.
Mr Frydenberg will reveal that rather than spending all of the windfall, the government will start the second phase of its budget repair strategy, which is to stabilise and then reduce gross and net debt as a share of the economy.“This year’s budget will confirm that this is the trajectory we are now on. It will show a substantial improvement to the budget bottom line – the product of more Australians in work and fewer Australians on welfare,” he will say.
Ahead of COVID-19, Mr Frydenberg pledged to eradicate government net debt by 2030 while arguing the government’s interest bill would also fall.
“A gradual and measured pace of consolidation ensures that the economy can continue to adjust and grow, even as fiscal policy normalises.”
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