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The Australian Federal government’s budget outcome for 2017-2018 financial year has recorded an underlying cash deficit of $10.1 billion, exceeding estimations by $19.2 billion.
The liberal-national government has celebrated the success stating the low cash deficit is “clear evidence” their plan to build a stronger economy has been “working”.
The net operating deficit was $4 billion, smashing estimates by $15.8 billion. Tax collected was $427.4 billion, $12 billion higher than expected, and total revenue was $456.3 billion.
The liberal party said that this is “clear evidence that these outcomes demonstrated that liberal-national Government’s economic plan is working”
Stronger than anticipated economic and employment growth have driven increases in personal income tax and company tax receipts, with total receipts $13.4 billion higher than expected at the time of the budget.
Almost 350,000 jobs were created in 2017-18, with employment growing by 2.7 % through the year to the June quarter 2018, well above the 1.5 % growth forecast in the 2017-18 Budget.
Welfare dependency for working age Australians was at its lowest level in 25 years with 90,000 fewer working age Australians on welfare.
The final budget outcome showed, Real GDP in 2017-18 was stronger than anticipated in the 2017-18 Budget growing 2.9%.