2018-19 Mid-Year Economic and Fiscal Outlook

Monday, 17th December 2018

2018-19 Mid-Year Economic and Fiscal Outlook

Today the Government announced that the Mid-Year Economic and Fiscal Outlook (MYEFO) has confirmed the Budget will return to surplus in 2019 – 20. This is a task that has not been achieved since the final year of the Howard Government in 2007 - 08.

“The Coalition Government has worked hard to balance the budget, rectifying the mistakes of the previous Labor Government who were happy to throw around tax payers dollars like they meant nothing! Because of the work by the Liberal National Government we have been able to deliver this great outcome for North Queensland and Northern Australia, and the entire nation” Senator Macdonald said.

The cash balance is forecast to improve from a $14.5 billion deficit at Budget time to a $5.2 billion deficit according to the December MYEFO. With the Budget now expected to reach a surplus of $4.1 billion in 2019 - 20.

Senator Macdonald said because of this Coalition Government’s strong economic achievements we can better fund the essential services on which all Australians rely.

“Whether it is school funding, health care, aged care, Defence or Infrastructure spending, our economic management is allowing us to fund vital services sustainably.”

“Here in North Queensland this has meant the Government has been able to fund projects like the Townsville Stadium, the $200 million Haughton Channel and Pipeline upgrade, the $75 million Port Channel Widening, and the $1.5 billion Northern Australia component of the Roads of Strategic Importance.”

Senator Macdonald said the Coalition is increasing funding for Defence including the $5.2 Billion investment in the Rheinmetall Boxer Combat Reconnaissance Vehicle project. In Health, $1.4 billion in life saving medicines have been listed on the Pharmaceutical Benefits Scheme, as well as total spending on aged care expecting to reach a record $23.5 billion in 2021 - 22.

The Coalition will continue to work hard for the people of Australia, North Queensland and Northern Australia to grow the economy and maintain a balanced budget, which ultimately benefits everyone through improved services.

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