Australia\u2019s government on Monday forecast the strongest budget outlook in 10 years, arming embattled Prime Minister Scott Morrison with a war chest which could fund possible tax cuts ahead of an early 2019 election which he is forecast to lose.<\/p>\n
Treasurer Josh Frydenberg said Australia\u2019s budget deficit for the fiscal year to June 2019 would be slashed to A$5.2 billion from the A$14.5 billion projected back in May.<\/p>\n
\u201cThe combination of a growing economy with a record number of people in work is helping both sides of the ledger, increasing our revenues while also decreasing our expenditure,\u201d Frydenberg told reporters in Canberra.<\/p>\n
Morrison\u2019s conservative government touted the improved numbers as evidence of its economic competence over the Labor opposition, which according to opinion polls is set for a landslide victory in the next election due by May 18, 2019.<\/p>\n
Finance Minister Mathias Cormann hinted tax cuts will be a centrepiece of the government\u2019s bid for re-election, and economists said Morrison now has sufficient resources.<\/p>\n
\u201cThe budget numbers actually look quite conservative. We\u2019ve been tracking the rolling revenue figures and they could have predicted even better figures,\u201d David de Garis, a director of economics at National Australia Bank, told Reuters.<\/p>\n
\u201cIt\u2019s possible they have built in room for some pre-election tax cuts. With the housing market suffering, there\u2019s a good case for fiscal stimulus next year.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
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