Budget 2018

Government Living Within its Means

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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.

“Our plan for a stronger economy is:
tax relief to encourage and reward working Australians, backing business to invest and create more jobs, guaranteeing the essential services Australians rely on, keeping Australians safe, and ensuring the Government continues to live within its means.

This is how you strengthen the economy and bring the Budget back to balance.”

Treasurer Scott Morrison

Learn more about our plan with regular email updates