“As a result of the responsible financial management of the hard earned tax dollars of Australians, I’m delighted to inform the Bennelong community that the budget is back to balance for the first time in 11 years.
“And next year we will have a surplus!” Member for Bennelong John Alexander said.
The nominal deficit of $690 million represents 0.0 per cent of gross domestic product (GDP). With about 300,000 additional jobs created in 2018-19, employment grew by 2.6 per cent, well above the 1.5 per cent growth forecast in the Budget.
More than eight out of ten jobs created in the last year were in full time employment with the proportion of those of working age in welfare now at its lowest level in 30 years.
Treasurer Josh Frydenberg said: “Our strong fiscal management has put the Budget on a sustainable trajectory, ensuring that we can guarantee the essential services that Australians rely on.
“In 2018-19, our total funding for Health reached a record $80.2 billion, $4.2 billion more than we provided in 2017-18 and around $19.0 billion more than was provided in 2012-13, before we came into Government. There is also record investment of around $20 billion in Australian schools, $1.7 billion more than we provided in 2017-18 and around $7.0 billion more than 2012-13. There is record investment in aged care $19.8 billion, $2.0 billion more than we provided in 2017-18 and increasing from $12.8 billion that was provided in 2012-13. Spending on the NDIS more than doubled in 2018-19 compared to the previous year, going from $4 billion in 2017-18 to $8.5 billion in 2018-19,” Mr Frydenberg said.
Australia has completed its 28th consecutive year of economic growth and maintained its AAA credit rating. The economy is benefiting from the free trade agreements (FTAs) negotiated by the Coalition over the last six years and strong commodity prices, which have seen the current account move into surplus for the first time since 1975. The Final Budget Outcome 2018-19 can be found at www.budget.gov.au. <END>