A tax revenue surge of almost $65 billion since May, and a $7.4 billion “delay” in infrastructure spending, has boosted the budget bottom line by $39.6 billion over the four-year forward estimates, and put the budget on track for a second successive surplus this financial year.
The mid-year economic and fiscal outlook (MYEFO), released Wednesday by Treasurer Jim Chalmers, updates the bottom line for this financial year from a $13.9 billion deficit forecast in the May budget, to a balance, or tiny deficit, of $1.1 billion.
Finance Minister Gallagher has found $9.8 billion savings since the May budget, but the main component comes from pushing $7.4 billion in infrastructure spending beyond the forward estimates in response to the recent infrastructure audit, which found there were too many projects on the books. The government canned 50 projects as part of a “prioritisation”.
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