The Federal Government says it is “on the right track” to put the budget back in the black in 2019-20.
It means the budget would return to surplus in a third term of a Coalition government.
The budget deficit for this financial year will be $40.4 billion, more than $10 billion larger than forecast in May, in a blowout that is set to continue for at least four years.
The Mid-Year Economic and Fiscal Outlook (MYEFO) has been released after a slight delay caused by the siege in central Sydney.
The May budget had forecast a deficit for 2014-15 of $29.8 billion.
Next year’s deficit will be $31.2 billion, or 1.9 per cent of GDP, up from the May forecast of $17.2 billion.
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