Federal Treasurer Josh Frydenberg has cut the forecast for the 2019/20 budget surplus by $2 billion in his mid-year update. 9News
The new forecast compares with the $7.1 billion predicted at the time of the 2019/20 budget handed down in April.Treasurer Josh Frydenberg has handed down his mid-year budget review and cut his forecast 2019/20 budget surplus to $5 billion.
"The Mid-Year Economic and Fiscal Outlook confirms the resilience of the Australian economy and that the budget is on track to return to surplus for the first time in 12 years," Mr Frydenberg said in a statement this morning. However, he was forced to reduce expectations for the size of the surpluses over the next four years due to a downgrade of tax receipt expectations.
Total receipts have been revised down by $3 billion in 2019/20 and by $32.6 billion over the four years to 2022/23.Related Articles
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