BREAKING: Treasurer Josh Frydenberg has revised the projected 2019/20 Budget surplus down to $5 billion in the Mid-Year Economic and Fiscal Outlook. MORE TO COME:
The government is on track to remain in the black over the next four years despite a $30 billion dollar drop in revenue since the 2019 post-budget pre-election outlook.
The mid-year economic and fiscal outlook, to be released on Monday, will reveal an unexpected downgrade in economic growth, weaker global conditions and a drop in domestic economic growth to 2.25 per cent. Wage growth is also expected to be lower than the 2.75 per cent forecast in the budget. But the government could still remain in surplus - with no new significant spending announcements expected.
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