The federal government has revised a number of key figures from the May budget in the mid-year budget update.
Budget Overview: Forecast Revisions Since The May Budget
BUDGET FORECASTS
* 2018/19: deficit $5.2 billion vs $14.5 billion in May
* 2019/20: surplus $4.1 billion v $2.2 billion surplus
ECONOMIC GROWTH
* 2018/19: 2.75 per cent revised down from 3 per cent in May
* 2019/20: 3 per cent v 3 per cent
UNEMPLOYMENT RATE
* 2018/19: 5 per cent revised down from 5.25 per cent in May
* 2019/20: 5 per cent revised down from 5.25 per cent
WAGE GROWTH
* 2018/19: 2.5 per cent revised down from 2.75 per cent in May
* 2019/20: 3 per cent down from 3.25 per cent
CPI
* 2018/19: 2 per cent revised down from 2.25 per cent in May
* 2019/20: 2.25 per cent revised down from 2.5 per cent
(Source: Mid-Year Economic and Fiscal Outlook)
Source AAP
