Budget Deficit

2016-17: $37.6 billion (up from $36.5 billion in December Mid Year Economic and Fiscal Outlook)
2017-18: $29.4 billion (up from $28.7 billion in MYEFO and $26.1 billion in last year’s budget
Return to surplus: 2020-21 ($7.4 billion)

Spending

2016-17: $440.5 billion ($441 billion in MYEFO); 25.1% of GDP
2017-18: $459.7 billion ($456.5 billion in MYEFO); 25.2% of GDP

Revenue

2016-17: $405.7 billion ($407.4 billion in MYEFO, $411 billion in last year’s budget)
2017-18: $433.5 billion ($431 billion in MYEFO, $437 billion in last year’s budget)

Net debt

2017-18: $354.9 billion ($343 billion in MYEFO)

Net debt to peak at $375 billion in 2018-19 (19.8% of GDP) compared to peak of $363 billion in 2019-20 in MYEFO.

Economic forecasts for 2017-18

  • GDP: 2.75% (unchanged from MYEFO)
  • Unemployment rate: 5.75% (5.5%)
  • CPI: 2% unchanged
  • Nominal GDP: 4% (3.75%)
  • Terms of trade: -2.75% (-3.75%)
  • Household consumption: 2.75% (3%)
  • Dwelling investment 1.5% (0.5%)
  • Wage price index: 2.5% (unchanged)