Budget strategy rejigged as $85.3bn deficit revealed
Federal Treasurer Josh Frydenberg has abandoned the government’s previous fiscal strategy of bringing the budget back to balance in favour of boosting business and consumer confidence as it reveals a budget deficit of $85.3 billion in 2019–20.
The deficit figure is $0.5 billion less than the government’s economic update in July but $90.3 billion more than what was predicted in its 2019–20 Mid-Year Economic and Financial Outlook, according to its 2019–20 Final Budget Outcome document.
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