The 2019-20 Federal Budget will be the first in more than 10 years to return a surplus according to Treasurer Josh Frydenberg who brought down his first Budget as Treasurer in Canberra this week.
“This year will see a surplus of $7.1 billon” Mr Frydenberg said.
“The Budget is back in black.”
He said he expected surpluses of $11 billion in 2020-21, $17.8 billion in 2021-22 and $9.2 billion in 2022-23: “A total of$45 billion of surpluses over the next four years”.
Mr Frydenberg said the strong economy meant the Government could afford to cut taxes, guarantee essential services and invest in infrastructure, as well as respond to challenges both in Australia and abroad.
“With the Budget moving into surplus, it means the Government is strengthening its commitment to pay down debt,” he said.
The Treasurer said the national debt was being reduced by good budget management and growing the economy, not by higher taxes.
“By paying down debt, the Government will put the nation’s finances on a more sustainable footing and reduce the burden on future generations,” he said.
“In delivering a surplus Budget, the Government’s economy plan is giving Australians more opportunities and creating a stronger economy.”
