Australia's budget will balance in 2015-16 and return to a surplus in 2016-17, Treasurer Wayne Swan said in his budget speech on Tuesday.
Ahead of national election in September, Swan postponed his earlier plans to balance the budget and focused on growth in the 2013-14 budget. "A more gradual return to surplus is appropriate given significant downgrades to revenue and the transition underway in the economy towards new sources of growth," he said.
Tax receipts were significantly impaired by the weaker-than-expected nominal GDP growth, Swan said. The high Australian dollar and fall in commodity prices also weighed on tax receipts.
Swan said the government has written down the estimated tax receipts for 2012-13 by A$17 billion and expects a total write down of A$60 billion over the next four years.
The government now estimates a budget deficit of A$18 billion or 1.1 percent of GDP in 2013-14. The budget will balance in 2015-16 and return to a surplus of A$6.6 billion in 2016-17.
For comments and feedback contact: editorial@rttnews.com
Economic News
What parts of the world are seeing the best (and worst) economic performances lately? Click here to check out our Econ Scorecard and find out! See up-to-the-moment rankings for the best and worst performers in GDP, unemployment rate, inflation and much more.
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.