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.
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