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Chalmers continues:
The midyear update we are releasing today shows the government has returned 92% of upward revisions to revenue since the May budget, and 88% of revenue upgrades since we came to office.
We have also identified almost $10bn in savings which means almost $50bn in savings over the life of our government.
If you combine that with some modest tax changes, we have identified $11.6bn in budget improvements, which total $72.7bn since we came to office.
As flagged earlier, Chalmers said the government is now forecasting a “much smaller deficit of $1.1bn”:
This is an improvement of $12.8bn compared to the budget and it is a $55.4bn turnaround compared to what we inherited for this year.
We are not yet forecasting a second surplus but we are within striking distance. We have given ourselves a chance, but we are not there yet and we have been deliberately cautious and deliberately conservative.
3m ago18.37 EST
Treasurer Jim Chalmers is now speaking following the release of the mid-year economic and fiscal outlook for 2023-24, or the Myefo.
Our strategy over the past 18 months has delivered an historic turnaround in the budget position, but we know there is still much more work to do.
He pointed to three core elements the government is focussing on: easing cost-of-living pressures, repairing the budget and investing in the “foundations of growth in our economy”.
We understand that Australians are doing it tough and our economy is slowing and that is why we are rolling out tens of billions of dollars in cost-of-living relief and … making welcome and encouraging progress in this fight against inflation.
6m ago18.34 ESTMid-year economic and fiscal outlook for 2023-24 releasedPaul Karp
Australia’s federal budget is on track for a wafer-think $1.1bn deficit this year, with a strong labour market and commodity prices fuelling expectations the eventual result will be a second Labor surplus.
The mid-year economic and fiscal outlook, released today, revealed a $12.8bn improvement for the 2023-24 financial year compared with the May budget and a total $39.5bn more in federal coffers over the four years to 2026-27.
The mid-year…
2023-12-12 18:24:37
Original from www.theguardian.com
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