Mid-year budget update will project deficit of nearly $37 billion for current financial year

By Michelle Grattan, Professorial Fellow, University of Canberra

Wednesday’s budget update will project a deficit of $36.8 billion for this financial year, which is $5.4 billion better than forecast in the Pre-election Economic and Fiscal Outlook (PEFO) issued before the May election.

The update projects deficits that are slightly better in every year over the forward estimates than forecast at the election. Cumulatively, the deficit is $8.4 billion better than over the four years to 2028-29 than PEFO.

The government earlier revealed the update will contain $20 billion in savings.

Despite critics attacking the level of federal…

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