This week’s Mid-Year Economic and Fiscal Outlook confirms the strength of the Australian economy and that the budget will return to surplus.
Returning the budget to surplus is part of the Liberal National Government’s plan to keep the economy strong and guarantee the essential services people in Bonner rely on.
Federal Member for Bonner Ross Vasta said we have made real progress in strengthening the Australian economy; it’s because of this good fiscal management that the people of Bonner can trust that their vital services are guaranteed under the Morrison Government.
“We are on track for a budget surplus in 2019-20, our unemployment rate has fallen to five per cent and welfare dependency is at its lowest rate in over 25 years.”
The underlying cash balance is forecast in MYEFO to improve from a deficit of $5.2 billion in 2018-19 to a surplus of $4.1 billion in 2019-20.
The surpluses are forecast to increase year-on-year to $12.5 billion in 2020-21 and $19 billion in 2021-22.
“A stronger economy is the key to delivering better essential services in Bonner,” Mr Vasta said.
“It means we can continue delivering record funding for schools, hospitals and infrastructure.
“It also means tax relief for hard working Australians and small and family businesses.”
The Liberal National Government’s plan for a stronger economy is: tax relief to encourage and reward working Australians; backing small business to create more jobs; fixing the budget; guaranteeing funding for schools, hospitals and other essential services; and keeping Australians safe.
Next year’s budget will be the first surplus budget since the last year of the Howard Government. It’s been 30 years since Labor delivered a surplus and now we are cleaning up their mess.