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Budget deficit $10.6 bln after two months

The federal budget deficit for 2013/14 was $1.25 billion larger after the first two months of the financial year than was predicted in May.

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Source: AAP


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The federal budget deficit stood at $10.56 billion after two months of the 2013/14 financial year, Department of Finance data shows.

The financial statement for July and August released on Friday showed the deficit was running $1.25 billion larger than had been predicted in the May budget.

Lower cash receipts being only partial offset by lower cash payments was to blame.

However, a pre-election budget update released by Treasury and Finance in August forecast a $30.1 billion deficit for 2013/14, rather than the $18 billion predicted in the May budget.

The minerals resource rent tax and the petroleum resource rent tax raised a combined $601 million over July and August.

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In the update, the MRRT was forecast to raise $850 million over the full financial year and the PRRT $2.4 billion.


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