Business
Budget $23b better off but still on track for record deficit – Sydney Morning Herald
The budget deficit increased by only $700 million in February amid lower spending and better revenue. But it will still be deeply in the red.
The federal budget is $23 billion in front of expectations due to strong consumer spending, high iron ore prices and lower unemployment but is still on track for the largest deficit on record.
Figures to be released on Friday by Finance Minister Simon Birmingham show a budget shortfall of $134.6 billion for the eight months to the end of February. At the mid-year budget update, the deficit to the end of February was forecast to be $157.7 billion on its way to a full-year deficit of $197.7 billion.
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