Treasurer releases MYEFO
Today, Treasurer Joe Hockey released the Government’s Mid-Year Economic and Fiscal Outlook (MYEFO).
The latest budget figures and revenue forecasts reveal a $47 billion deficit in 2013-14, and $123 billion of accumulated deficits over the forward estimates. Without policy change or remedial action, budget deficits would be projected every year to 2023-24.
The deterioration of the budget position follows Labor’s Economic Statement, released just days before the 7 September federal election was called, outlining a blowout in the 2013-14 deficit to $30.1 billion and revenue write-downs since the May budget.
In a major address to the National Press Club, the Treasurer undertook to provide a comprehensive and transparent picture of Australia’s financial and economic position. He said the deterioration since the August Economic Statement reflects two key factors – the softer economic outlook and unresolved issues the Coalition has inherited from the former Labor Government.
Mr Hockey reaffirmed that undertaking systematic fiscal repair to return the Budget to surplus and to reduce debt was a key election commitment of the Government. He will outline the full detail of the Government’s medium term fiscal strategy in the 2014-15 Budget, which he said will include an infrastructure package to promote economic growth. In the meantime, he said the Government remains committed to taking the hard decisions to live within its means.
The MYEFO 2013-14 can be read at www.budget.gov.au