Budget Deficit

2017-18: $18.2 billion (down from $23.6 billion in December MYEFO)

2018-19: $14.5 billion (down from $20.5 billion in MYEFO)

Return to surplus (“a modest balance”) in 2019-20 ($2.2 billion)

Spending

2017-18: $459.9 billion (up from $457 billion in MYEFO); 25.1% of GDP

2018-19: $484.6 billion ($480.1 billion in MYEFO); 25.4% of GDP

Revenue

2017-18: $445.1 billion ($437.1 billion in MYEFO, $404.3 billion in last year’s budget)

2018-19: $473.7 billion ($463.1 billion in MYEFO, $430.7 billion in last year’s budget)

Net debt

2018-19: $349.9 billion ($363.2 billion in MYEFO). This will be peak net debt (18.4% of GDP); it will decline to $344 billion in 2019-20.

Economic forecasts for 2018-19


GDP: 3% (unchanged from MYEFO)

Unemployment rate: 5.25% (unchanged)

CPI: 2.25% (unchanged)

Nominal GDP: 3.75% (down from 4%)

Terms of trade: -5.25% (-5%)

Household consumption : 3% (2.75%)

Dwelling investment: 1.5% (-1.5)

Wage price index: 2.75% (unchanged)