InDaily

Tag: MYEFO

  • Steaming ahead: King coal drives state’s economic engine to record surplus

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    The record result comes via higher resources royalties off the back of global coal and oil price surges. But Treasurer Cameron Dick has warned in his mid-financial year budget update released on Wednesday that the roaring conditions flowing from the resources sector will not last. “Today’s record surplus is a high-water mark that won’t be…

  • Economy to end year on the rebound as budget deficit is cut by $16 billion

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    The mid-year budget review released on Thursday shows the deficit for the 2020/21 financial is now forecast to be $197.7 billion rather than the $213.7 billion announced in October. Annual economic growth for 2021 is now predicted to be 4.5 per cent compared with 4.25 per cent at budget time, while the jobless rate is…

  • Lucas’s surplus threatened by fresh GST writedown

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    Federal Treasurer Josh Frydenberg today handed down his Mid-Year Economic and Fiscal Outlook, cutting his forecast 2019-20 budget surplus to $5 billion, down from $7.1 billion at the time of his pre-election budget in April. The document also flags a further GST downgrade, saying: “Excluding policy decisions, GST receipts have been revised down by $1.8…

  • Lucas defiant after massive budget hit

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    Just a week after Lucas handed down a mid-year financial statement surplus which boasted a $40.1 million surplus for 2018-19, SA Treasury officials today sought urgent advice from the Commonwealth after Monday’s Mid-Year Economic and Fiscal Outlook from his federal counterpart Josh Frydenberg revised GST payments to South Australia down to $6.815 billion in the…

  • Two big political problems buried in budget update

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    Whether or not we end up in surplus in five years’ time, yesterday’s Mid Year Economic and Fiscal Outlook (MYEFO) exposes nasty political problems for the Turnbull government in the here and now. Real GDP growth for 2016-17 has been sensibly but shockingly revised down to 2% – the lowest outcome since the global financial…

  • Debt to swell under the Coalition: mid-year budget update

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    Treasury predicted in Monday’s Mid-Year Economic and Fiscal Outlook (MYEFO) that the deficit for this financial year (2016-17) will actually decrease slightly to $36.5 billion, which is $600 million better than the $37.1 billion expected in May. But in 2018-19, the deficit will be $19.7 billion, up from the earlier forecast of $14.2 billion. Treasurer Morrison sounded upbeat…