On Tuesday, the Prime Minister and Treasurer, the Hon Josh FrydenbergMP, announced that they would be handing down a federal budget early on April 2 of 2019.
According to Deloitte, ‘the underlying cash deficit will be $4.9 billion in 2018–19, the smallest deficit since the global financial crisis, followed by a small surplus of $4.2 billion in 2019–20’.
The National Fiscal Outlook as at the 2018–19 Budget indicates that due to revenue from a projected increase in wage growth and personal income tax, the national net operating balance will ‘move from a surplus of 0.1% of GDP in 2017–18 to a surplus of 2.1% of GDP in 2021–22’.
‘This will be the first surplus Budget that we have seen in 12 years, and that’s what will deliver the essential services that Australians rely on… the Liberal Party and the National Party will keep taxes down and grow the economy’, said the Prime Minister.
The release of a Budget in April strongly signals that the Federal Election will take place in May of next year. The latest the Prime Minister can call the election (for half senate and the lower house) is 15 April for a 18 May 2019 polling day. Unsurprisingly, a number of Canberra hotels are booking out fast for 2 April.
A Mid-Year Economic and Fiscal Outlook, or MYEFO, will also be delivered on December 17, a date which correlates with Labor’s national conference.
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