Australia’s Federal Budget is on the mend after years of Labor mismanagement thanks to the hard work of the Liberals and Nationals in Government.
The Final Budget Outcome for the 2017-18 financial year recorded an underlying cash deficit $19.3 billion better than estimated at the time of the 2017-18 Budget. This is the smallest the deficit has been in 10 years, since the days of the Rudd-Gillard-Rudd Labor Government.
The figures show more people are in work, welfare dependency is at its lowest level in 25 years and businesses are growing.
This positive Final Budget Outcome builds on the release of the National Accounts earlier this month, which showed that the economy grew 3.4 per cent through the year – the fastest rate of growth since the September quarter of 2012 during the height of the mining investment boom and faster than any G7 economy. It also follows last week’s reaffirmation of Australia’s AAA credit rating by Standard & Poor’s – Australia being one of only 10 countries with such a rating from all three major ratings agencies.
The Final Budget Outcome for 2017-18 further demonstrates that having the Nationals in Government creates more jobs and ensures that we can afford to deliver the essential services that Australians rely on.