Budget to slice $23bn off debt pile

Original article by David Uren
The Australian – Page: 1 & 4 : 18-Dec-17

Australia’s gross debt is now expected to be about $A583bn in 2020-21, which is $A23bn lower than forecast in the Federal Government’s May 2017 Budget. Treasurer Scott Morrison says the revised debt forecast, which will be outlined in the mid-year Budget update on 18 December, will reduce the government’s annual interest bill by $A1bn. He adds that the government will now no longer be reliant on debt to finance recurrent expenditure, and borrowings will only be used for capital expenditure.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, HIGH COURT OF AUSTRALIA, DELOITTE ACCESS ECONOMICS PTY LTD, S&P GLOBAL RATINGS, AUSTRALIA. DEPT OF FINANCE

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