Original article by Adam Creighton, Michael Roddan
The Australian – Page: 1 & 6 : 20-Sep-19
Federal Treasurer Josh Frydenberg unveiled a budget deficit of $700 million for the 2018-19 financial year on 19 September. Frydenberg noted that the federal government had kept spending under the long-run average of 24.7 per cent of GDP for the second year running, while he said the creation of 300,000 jobs in 2018-19 had meant increased tax collections and reduced welfare expenses. The $700 million deficit was a $14 billion improvement on what had been predicted in May 2018, while a budget surplus is likely for 2019-20 if high commodity prices and strong employment growth continue to boost the government’s tax coffers.
AUSTRALIA. DEPT OF THE TREASURY