According to Wayne Swan, the Budget is scheduled to return to surplus in 2012/2013. The current deficit for 2010/2011 is $49.4 billion. The forecast deficit for 2011/2012 is $22.6 billion.
The surplus is forecast for year 2012/2013 at $3.5 billion.
This from Treasurer Wayne Swan:
Returning the budget to surplus in 2012-13
Having fought off the global recession, Australia faces the opportunities and challenges that lie ahead from a position of strength.
This means the Government can return the budget to surplus in 2012-13, despite recent natural disaster, ahead of any other advanced economy.
Our strict fiscal discipline means that the budget is on track for a a surplus of $3.5 billion (0.2 per cent of GDP) in 2012-13, growing to $5.8 billion (0.3 per cent of GDP) in 2014-15.
This represents a record fiscal consolidation and has been achieved by restraining real growth in spending and making $22 billion in savings over the budget estimates.
This strict discipline means that real growth in spending averages 1 per cent a year over the forward estimates, the lowest average rate for a five-year period since the 1980s, well under the Government's own strict 2 per cent spending cap.
Building these surpluses will mean the Government is not adding to the inflation and cost of living pressures that will accompany the mining investment boom in the years ahead.
.
About Just Grumpy
0 comments
Post a Comment