MYEFO confirms Federal Budget to return to surplus
Monday, 17 December 2018
This week’s Mid-Year Economic and Fiscal Outlook confirms the strength of the Australian economy and that the budget will return to surplus. Federal Member for Hume Angus Taylor said the Government had made real progress in strengthening the economy.
“We are on track for a budget surplus in 2019-20, our unemployment rate has fallen to five per cent and welfare dependency is at its lowest rate in over 25 years,” Mr Taylor said.
“I am proud to say Hume has one of the lowest rates of unemployment anywhere in Australia.”
Mr Taylor said the underlying cash balance was forecast to improve from a deficit of $5.2 billion in 2018-19 to a surplus of $4.1 billion in 2019-20.
The surpluses are forecast to increase year-on-year to $12.5 billion in 2020-21 and $19 billion in 2021-22.
“A stronger economy is how we will deliver better essential services in Hume. It’s how we will keep growing our local communities and paying for infrastructure.
“We’re also bringing tax relief for hard working Australians and small and family businesses.”
The Coalition Government’s plan for a stronger economy is:
tax relief to encourage and reward working Australians;
backing small business to create more jobs;
fixing the budget;
guaranteeing funding for schools, hospitals and other essential services; and
keeping Australians safe.
Next year’s budget will be the first surplus budget since the last year of the Howard Government.
It’s been 30 years since Labor delivered a surplus and now we are cleaning up their mess.
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