The 2013-14 Federal Budget finished with a deficit of $48.5 billion.
The Final Budget Outcome was announced today by the Treasurer, Joe Hockey, and the Minister for Finance, Senator Mathias Cormann.
The two ministers took aim at the ALP during a press conference, pointing out that Wayne Swan’s Budget forecast was for a surplus of $5.4 billion.
- Listen to Hockey & Cormann (20m – transcript below)
Text of a media release from Treasurer Joe Hockey and Finance Minister Senator Mathias Cormann.
2013-14 Final Budget Outcome
The Final Budget Outcome (FBO) for the 2013-14 financial year is a budget report card on the previous Government’s irresponsible fiscal and economic management.
Despite Labor initially forecasting a surplus of $5.4 billion for the 2013-14 financial year, and keeping this forecast surplus for eight successive budget updates, today’s FBO confirms a $48.5 billion deficit. [Read more...]