Treasurer Scott Morrison and Minister for Finance Mathias Cormann released the national Mid-Year Economic and Fiscal Outlook (MYEFO) today, declaring the Turnbull Government is “bringing the budget under control” and remains on track to achieve a surplus in 2020-21.
MYEFO shows the size of the 2017-18 underlying cash deficit will be $23.6 billion, an improvement of $5.8 billion since the Treasurer delivered the Budget in May, off the back of stronger than anticipated company tax collections. The predicted surplus for 2020-21 will be $10.2 billion, an improvement of $2.7 billion compared to the Budget estimate. The net operating balance is also expected to improve from a deficit of $18.2 billion in 2017-18 to a surplus of $6.8 billion in 2019-20, increasing to a surplus of $20.9 billion in 2020-21.
