Balancing the Budget
In 2017-18, the Budget deficit will be $18.2 billion, less than half what it was two years ago.
This will be the best budget outcome since the Howard Government’s last budget a decade ago.
The deficit will fall again to $14.5 billion in 2018-19.
We are on track for a modest balance in 2019-20, increasing to a projected surplus of $11 billion in 2020-21.
Keeping spending under control
The real expenditure growth remains below two per cent, the most restrained of any Government in more than fifty years
Since the 2016 election, the Government has legislated over $41 billion of budget repair measures that have strengthened the bottom line.
Paying down debt
With the budget returning to balance, we will start paying down debt. Net debt will peak at 18.6 per cent of GDP in 2017-18 and is projected to fall to 14.7 per cent by 2021‑22.
This means debt will fall by around $30 billion over the next four years.
Keeping taxes under control
The greater the tax burden on Australians and our businesses, the more it hurts Australia’s economy and costs jobs.
This is why we’re providing tax relief to encourage and reward working Australians.
It’s why we will fight Labor’s plans to increase taxes – on electricity, small and family businesses, incomes, housing, investment and retirees.