Federal Budget to return to surplus in New England
19 Dec 2018
The Liberal-Nationals’ Government is on track to deliver financial security for residents in the New England with a surplus budget - it was 30 years ago the last time the Labor Party delivered a surplus budget.
Member for New England, Barnaby Joyce, said this week’s Mid-Year Economic and Fiscal Outlook confirms the strength of the Australian economy and that the budget will return to surplus.
Returning the budget to surplus is part of the Liberal-National Government’s plan to keep the economy strong and guarantee the essential services people in the New England rely on.
“Across the New England, we have made real progress in strengthening the Australian economy, boosting jobs, growth and regional infrastructure despite tough economic times due to drought,” Mr Joyce said.
“We are on track for a budget surplus in 2019-20, our unemployment rate has fallen to five per cent and welfare dependency is at its lowest rate in over 25 years.
“The last time Labor delivered a surplus was in 1989.
“Labor’s only plan is to risk our strong economy with higher taxes on wages, housing, savings, local businesses and your electricity.”
The underlying cash balance is forecast in MYEFO to improve from a deficit of $5.2 billion in 2018-19 to a surplus of $4.1 billion in 2019-20.
The surpluses are forecast to increase year-on-year to $12.5 billion in 2020-21 and $19 billion in 2021-22.
“A stronger economy is the key to delivering better essential services in the New England. Services such as schools with millions in funding for Tamworth and Armidale schools announced just recently, and in health, with a 93.8% increase in Commonwealth activity-based funding for the Hunter New England Local Hospital District, in five years to the 2017-18 reporting period,” Mr Joyce said.
“It also means tax relief for hard working Australians and small and family businesses.”
The Liberal-National Government’s plan for a stronger economy is:
- tax relief to encourage and reward working Australians;
- backing small business to create more jobs;
- fixing the budget;
- guaranteeing funding for schools, hospitals and other essential services; and
- keeping Australians safe.